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FINANCIAL TIMES 


0 


No. 30 , 230 .. 


EUROPE’S BUSINESS NEWSPAPER 

Monday May 11 1987 


D 8523 B 


Vietnam opens 
doors to 
business, Page 4 


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d news 


Business summary 


Israeli Merrill 


may 

face 


securities 
lifts loss 


early poll to $275m 


A crucial debate within the Israeli 
cabinet today could lead to an early 
general ejection. Foreign Monster 

Shimon Peres forecast an election 
over his proposal for a Middle East 

peace conference which he will pot 
before a vote of the cabinet Ibis 
plan is apposed by the Prime Minis- 
ter, Yitzhak Shamir. 

Ih a television interview Ur Sha- 
mir reaffirmed his opposition to an 
international conference and ac- 
cused Ur Peres of wasting to give 
up the Israeli-occupied West Bank 
and east Jerusalem. Mr tares will 
ask the cabinet to vote on a propos- 
al lot a non-binding international 
conference leading, to direct nego- 
tiations between Israel and its Arab 
neighbour*. Paged- - --- - 

Punjab violence 

Fifteen people ham been killed in 
the north Indian- state of Punjab 
over the weekend. Police ham 
blamed toe latest outbreak of vio- 
lence, toe worst this year, on Skh 
extremis ts wiring m independent 
homeland, tags 4 

Iceland coalition 

Iceland's President has asked toe 
Progressive Party chairman to try 
and form a new coalition* govern- 
ment following last month's indeci- 
sive election. 

Moscow visit 

Britain's Labour foreign affairs spo- 
kesman, Denis Healey, arrived in 
M os cow fo r arms control talks with 

Bininr firwrfafr p^iw iniiwif nfRwiilf 

Mitterrand on top " 

President Francois Mitterrand cele- 
brated jtnr years as; France's first 
Socialist leader with an opinion poll 
stowing hfl has gained popularity 
with- toe electorate. - * 

Philippine ejection 

The army was. placed on foil alert 
as HUjjtoos prepared tojpTbnSe 
poDst^ytoil^anewcoBiiwa. 
the first democratic election in 15 
years. ' . 

Kim umler threat . 

South. Korea's Government may 
prosec u te opposition leader Kim 
Young Sam for contenpt of toe 
state. Page 4 

Malta count starts 

Counting began in the Maltese gen- 
eral election after a record turnout 
of voters. Troops sealed- off toe 
boilding where toe count was bong 
held, a Conner British naval bar- 
racks, tage 2 

Pilot’s bravery 

The pilot of toe Pofish aircraft 
which crashed, kOling all 183 people 
an board, abandoned attempts to 
land at Warsaw airport to avoid the 
chance of striking toe populated 
outskirts of the c ap i t a l , airline 
sources said. 

Airport re-opens 

Beirut airport re-opened after befog . 
dosed for 98 days-The first aircraft 
to land was greeted wito cheering 
fay spectators. Page 4 

Disease outbreak 

A type of Legionnaire’s disease has 
affected 200 people at a rubber fac- 
tory in toe Soviet Union, toe news- 
paper Izvestia has claimed. 

Prisoner dies 

SftdawiirM Hirssowa, 95, cla imed to. 
be the world’s longest saving pris- 
oner on death row, has died in a To- 
kyo hospital. He had been in prison 
since 1948. 

Marathon winners 

Japanese Tfiromi Tanigu- 

cm. 27Twon the London marathon 
In 2 brs 9 mins 50 secs. The wom-. 
enta event was won by Norway's In- 
gnd Kristiansen, 31, who finishe d 
outside a new world record ti me . 
The’ Geneva marathon was won by 
Briton AdriarrHartweld, with Soriet 
nmtf Alovandr a Tarassova taking 
first place in the women’s event 


MEBRILL Lynch, toe US broker- 
age firm, said its recent trading 
losses in mortgage-backed securi- 
ties, which caused a big reshuffle of 
senior management, will total about 

S275m. S25m more previously 
reported. Page 43 

EUROPEAN Monetary System: The 
dollar’s continued fall was enough 
to pr * > T n r* | * ,in|w ' Kmifc^ inp\ far- 
ther int er vention last week. There 
was growing concern that a switch 
from fee dollar into D-Marks would 
put pr e ssu re on toe weaker mem- 
bers of the- system. Earlier in the 
weektoe Italian lira foil to a record 
low the D-Mark, and sever- 


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wwy 


al coztral banks were active seffing 
the D-Mark. AH currencies were 
tr8tongweHwifototo£K divergence 
limits, hut. the weaker members 
were showing a steady decline from 
levels held at the beginning of toe 
year. .. 

• Currency markets in Italy are 
expected to open hervoosiyiDday as 
a result of the central beak's ded- 
fM ii t o tolerate & si gnififani In 
tod.&a against toe D-Mark. I^ge 2 

Thm rhnrt zhs*n* rh* tinn eOTUtmiat I 

on Boropam Monetary SfotteivL ex- 
change rate*. The upper grid, based 
on. the weakest currency in the sys- 
tem, defines the cross rates from 


vMch.no currency (except the Ufa) 
may move more than 2$i per 
The loiaer' chert gives each ettrren- 


c era. 


. c jfk divergence from its “central 
rute“ against the Europcan Ciaren- 
. cy Unit (ECU), itself a basket of Eu- 
ropean currencies. 

US FEDERAL Reserve Board chair- 
man Paul Volcker described Ameri- 
can interest rates as "somewhat 
high" during a private visit to Ven- 
ezuela. He expressed optimism that 
fh« E ihltor rniiW g tahnfgp 

TELETTRA. toe Rat sahodiaiy 
which is about to be merged with 
Itahel, toe stateowned telecom mn- 
nicatioiw company, has reported a 
30 per coat increase in net profits 
last year to L40J2bn (S34Jm). 
FageZL 

AT.T.IFD Lyons, vhich brews toe 
Australian Bond Corporation's Cas- 
tiemaise XXXX In the UK, is to 
brew and distribute two of. Bond's 
Swan lagers. Page 19 

XVECO Ford Truck and Leytendr- 
D«t both recently merged, are neck 
and neck for leadership in the UK 
truck market Page 19 

UK DRUG industry plans to spend 
more than S800m on research and 
development this year, 11 per cent 
of toe natfoniii total for RAD. 

Page6 

ABOUT 450,000 people in toe UK 
are out of work as a direct result d 
toe ECs Common. Agricultural Poli- 
cy, according to an Australian 
study. Page 18 

A 20m ($7Qm) dinar hood issue ar- 
ranged in Kuwait for finland rein- 
states foreign borrowing in Knwniti 

dinar bonds after a fiveTrear de fac- 
to moratorium, according to Kuwai- 
ti banking sources. 

GENERAL Motors is following Ford 

by increasing car prices in toe UK 
by an' average of 11 per cent 
Page 10 

FISHING BOAT law in toe UKis to 
be tightened to prevent forefen 
boats registering as British rad 
having their catches counted as 
part of the UK quota. Page 19 


OECD calls for 
changes to avert 
world recession 

BY PHIUP STEPHENS, ECONOMICS CORRESPONDENT, IN LONDON 


GOVERNMENTS of indus- 

trial cou n tries have been warned 
that without a change in their eco- 
nomic policies there is little pros- 
pect of a significant redaction in for 
tmMfipnal trade imbalances and a 
risk that a rfvfag (inUm- wn ti p Hw> 
world economy into recession. 

The warning comes in a study 
prepared for this week's meeting of 
ftwrnnp ministers of the 24-member 
OiganisatonforEconomicjCtHjper- 
stion and Development in Paris. 

It suggests that efforts to stabi- 
lise toe dollar around present levels 
wDi be fnrtless unless the US, Ja- 
pan »«n^ West Germany do modi 
more to -five up to their commit- 
ments in wWir dfaurte 
iepofiries. 

The study, vtoich coincides with 
signs that efforts by governments 
to greater co-ordination 

are under serious strain, outlines 
three possible scenarios for toe de- 
netopment of the world economy 


1992. 

The first assumes that toe pres- 
ent ftmtt of policies in toe major 

wmtmiiM wwiHins lrnehangwd. 

In those circumstances it predicts 
a «w»n fan jn the US current ac- 
count deficit and in toe parallel sur- 
pluses in Japan and West Germany. 


. But the reduction in toe imbal- 
ances is unlikely to be awnngh to 
stem protectionism pressure or sa- 
tisfy financial markets. 

- That in turn would risk a re- 
newed slide in toe value of the dol- 
lar. n-p^ pwriHy i^V>ni>< on 

markets. The study says that this 
wrmH J QT " 

*ffwnarif> points to sharp rises in US 
interest rates, much slower eco- 
nomic growth, and possibly, a world 
recession. 

- The OECD believes that this 1 
danger can be avoided if govern- 
ments of H wwnt themsel ves to the 
third “policy-adjusted" scenario. 
That would entail major reductions 
in the US budget deficit coupled 
with a and co-ordinated fis- 
cal expansion hi Japan and West 
Germany. 

The scale of the required policy 
changes, however, goes rignffimny 
iy beyond anything that govern- 
ments of toe three economies have 
so far been able orwilfing to imple- 
ment 

Thf wwpliMriinn —r ohirh mm iilwi 

from last month’s in 

toe international Monetary Fund's 
Economic Outlook - is feat the dol- 
lar is Hkdy to fan further against 
other major currencies. 


Governments of the landing in- 
dustrial countries are still in theory 
committed to February’s taxis 
agreement to seek to stabilise the 
value of the dollar. But senior 
monetary nffirfafr believe the 
credibility of feat pact is now seri- 
ously threirfonivf 

In preparations for next month's 
world economic summit in Venice, 
US efforts to establish a more co- 
herent structure for international 
co-operation through agreement on 
"norms" - or policy goals - for each 
government have apparently 

The nffiffinls say faw* TWithftr 
West Germany nor ftrihrfw him so 
for been prepared to accept the US 
i d ^ a s that the Bonn gnd Lon- 
don governments have become in- 
creasingly irritated by Washing- 
ton’s persistence. 

According to some sources, rela- 
tions between Mr James Baker, the 
US Treasury Secretary, and Mr Ni- 
gel Lawson, Britain's Chancellor of 
the Exchequer, are particularly 
frosty. 

At toe Mm * ^ TTTTtnhpr of 
governments have hw«w> increas- 

Con tinned on Page 20 

Editorial comment, tage IS 


IRA funerals pose test 

BY HUGH CAHMEOY M DUBUM AND OUA BELFAST CORRESPONDENT 


THE FIRST of the funerals of eight 
g unmen toot dead on Friday night 
air* in Northern Ireland to- 
day, posing an awkward test for the 
security forces -as they cope wife 
the af term ath of tfa Wto Republi- 
can Army’s biggest setback for 
years. 

There were several IRA attacks 

imifr AlKwg in mtimal. 

1st areas erf BeMait. X o ndon d n y 
and otoe^ towns across toe province 
over toe weekend following toe 
death of fee eight at Xoug fr g ail , Co 
Armagh. It was toe greatest loss of 
fife hy the IRA In a angle inddent 
since toe troubles began in 1989. 

The British Government will he 
encouraged, h ow e v er , by one fea- 
ture of the reaction to Friday 
xnghtfe events: the lack of public cri- 
ticism of the British army and Roy- 
al Ulster Constabulary by the Du- 
blin- Government *™ the m " n 
moderate nationalist party m toe 
North, fiie Social Democratic and 
Labour Party. 


BiyBi Mr Briim Twrilum , flw Tririi 

Foreign Minister, and Mr s«*nnTi« 
M»Him MP , deputy leader of the 
sdlp, concentrated nn condemning 
IRA vv^race. 

Mr Moitw said he was greatly 
(anew nad about fee death of an in- 
passing motorist in the 

nKivrffrig fait jwH f|i» w 11 

of the Tnifap wecejentirdy differ*: 
cot from the killings by police of 
unarmed IRA m e m bers in 1982 
which led to bitter criticism erf on ah 
leged 'shoot-to-k2r policy. 

Mr Tbm King, Secretary of State 
for Northern Ireland, confined Jds 
comments to saying re^xasitehty 
for fiie incident deraly Ira wifli the 
IRA. 

The eight gunmen were shot 
dead as they mounted an attack on 
fiie Loughg&Il RUC st ati o n . The po- 
lice and army units present, appar- 
ently inducting mwnta f of fiift 
Special Air Services, ware informed 
in advance of the assault, either by 
an IRA jpfam w hr through sur- 
veillance work. 


The itai gunmen were all from 
the East Triune brigade of the IRA, 
indudfam senior activists Jim 1^- 
fingb . Pat Kelly snd Pat MacKear- 
ney, fiie latter an escapee from the 

prison. 

Their removal will be a se v e re 
setback to the IRA in & key border 
area and a blow to file organisa- 
.tun’r morale jenoelty just as it 
was riding a wave (rfvfolrace wUeh 
had put the paGce and army on the 
jjfaak a 

The RUC scared a further success 
an Saturday when a big cache erf 
arms was discovered in west Bel- 
fast, including two RPG-7 rocket 
la un c her s and five rifles. But the 
IRA, which has demonstrated a re- 
newed vitality in recent months, 
wiD be keen to root out any inform- 
er that might have tipped off the se- 
curity forces about toe Loughgall 
a t tack and mount revenge attacks 
to reassert itself 

This means that the expected UK 
general electio n will be 

fraught with tension. 


Barbie trial to open in Lyons 


BY GEORGE GRAHAM IN LYONS 

MR KLAUS BARBIE, toe former 
chief of the Gestapo secret police 
during fiie Second World War, to- 
day begins his third and most spec- 
tacular trial in France. 

Twice before he was condemned 

to dft**h to Mg for T r i ur d f r 

and torture. This time, Mr Barbie is 

accused of crimes against humam- 

ty- 

Mr Bartne first became notorious 
in France for the arrest trfJfr Jean 
Mnulin, the personal representative 
of General Charles de Gaulle. 

Mr Moulin died in German cap- 
tivity. Bis deafe does not feature in 
the current trial. 

The main charges aga in st Mr 
Barbie axe: 

• The arrest and deportation of 84 
Jews seized In a raid on Lyons’ Rue 
S&inte Catherine in 1943. 

• The. deportation of 44 children 
from a Jewish refuge at feieu near 
Isons, in 1944. 

• The deportation of 650 Jens and 
French resistance members In Au- 

only a few days before 
forces were driven ont of 

Itfons. 

A specially built courtroom in the 
vast waitipg room of Ijwrf P al m s 
de Justice will house fite main trial, 
but across the River Saone Jewish 
groups have tried to broaden toe is* 
sues to put Nazism itself on trial. 


In the Place des Terreanx, just in 
front of Lyons’ town hall , they have 

raised a 65 foot hfeh cube of white 
canvas as a silent memorial to the 
8225m who died in Hitler's concen- 
tration QUOpS. 

The .cube will be inaugurated this 
morning and will stand as king as 
Mr Barbie’s trial lasts - at least the 
next two months. 

Many: Frenchmen fear that the 
court case will prove to be the occa- 
sion- for a third trial, that of 
France’s at tit ud e during the period 
of toe German occupation. 

. Mr Jacques Verges, Mr Barbie's 
defence lawyer, has warned feat he 
plans to turn round the charges 
against his client and accuse 
Frenchcofiabarators and members 
of fiie resistance. 

The first such countereccusa- 
tions have begun to fly. The West 
German me pttina Stem, which 
printed toe Wed Hitler diaries, 
last week published an article by an 
American expert on the hunt for 
Nazi war criminals rimming that 
Mr Barbie was helped to escape 
from Europe by Mr Andrfe Fransois- 
Foncet, Prance's ambassador to 
Germany both before and after the 
war. 

The claim was hotly denied by 
Mr ftansote'Ponoet, toe ambassad- 


or's son and himself a former 
French Foreign Minister. 

But aready fee Barbie trial has 

provoked some sour reminders that 
Nazi ideology found ready echoes in 
France. 

A march on Saturday in honour 
of Joan of Arc joined Lyons’ royal- 
ists and members of fee extreme 
rightwing National Front Party 
with black-shirted neo-Nazis. 

An Arab youth centre in Lyons 
was sacked last week by vandals 
who left pictures of Barbie and 
daubed extreme right-wing slogans 

"I am now very worried. I am 
afraid of aQ the wtrmnft; and 1 am 
having all those who in my view are 

liable to cause trouble watched,” Mr 
Georges Bastelica, Lyons’ prefect of 
police, said. 

These i n c iden ts have worried Ly- 
ons’ town council, which fears they 
could spoil the atmosphere it has 
tried to create for the 800 joumal- 
fetewbo have come to report on the 

Green-striped awnings cover the 
terrace of the press centre overlook- 
ing the River Saone, where the ma- 
nidpaltiy dispenses hospit&ffiy, 
free commemorative watches and 
gourmet guides in a desperate bid 
to convince reporters that Lyras 
has more to offer than memories of 
fiie occupation. 


CONTENTS 


Overseas. .... 

Companies 

UK ......... 

Companies 


Arts- Reviews .... 
.WtaUGsUe 

CtertivdioaiM.M 
Crossword....— .. 


' * 2-5 Conudn 4# 

Hf tG efa l cauMBt .T B 

21*22,24 Eurobonds....... 21. » 

...6,8*10 4® 

__ „ ■ KutLCbpilM Markets 21*22 

... 26,28 Letters........ 19 

Lax 26 

Lombard.............. 19 

Management. 14 

ManandMattos R 

Money Markrts ® 

StodE markets -Bourses ....... « 

■ •ftnaja W — Will StTCCt O « m ■ |EP|/bA 

...» -London 48,41,43 CAN AMERICA 

a* make it? 

......... 38 Wa 



( Die FT today Unm- 
diesa-serksof 
articles which 
examine the re- 
asons for falling 
US industrial 
performance and 
assess the efforts 
of American 
corporations to 
reverse the 
decline. 

Page 18 


Monday Page: interview with Secretary 

of State for Wales 12 

Management: the tests facing Northern 

Telecom 14 

Editorial comment: South African polls; 

OECD meeting 18 

Foreign Affairs: devilish plot by men at 

the ministry 19 

Lombard: regulating communications 

technology 19 

CGE: shaping up to challenge foreign 
rivals 24 


Thatcher set 
to announce 
June election 

BY PETER RIDDELL, POLITICAL EDITOR, IN LONDON 


A BRITISH general election in 
June is likely to be confirmed at 
lunchtime today, as the r uling Con- 
servative Party launches its cam- 
paign for a third term in ofSce by 
stressing its continued radicalism 
in face of attempts by T-wtvww 
SDP/Liberal Alliance opposition to 
regain the political initiative. 

June 4 remains a possibility to 
permit a short campaign although 
June 11 has been the favourite date 
at Westminster. 

Parliament wQl meet during the 
next few days to complete as much 
as possible of fee Government’s 
legislative programme. The parties 
will formally start their nationwide 
camp ai g ns , including the publica- 
tion of manifestos, early next week, 
but party leaders will use this 
week’s “phoney war” period to set 
mrt campaign 

Mrs Margaret Thatcher, fee 
Prime Minister, yesterday held just 
over two hours erf talks at her coun- 
try residence OO timing and 

tactics with seven senior ministers 
on her strategy group - commonly 
known as the A team. 

Barring ray last-minute change 
of mind , Mrs Thatcher is 
to hold a special Cabinet meeting 
before obtaining formal approval 
fmm Queen Elizabeth for a dissolu- 
tion of parliament The date wiQ 
then be announced from Downing 
Street 

She was faced with the virtually 
unanimous advice of senior advis- 
ers, including those who had fa- 
voured a later date, feat June of- 
fered a good opportunity to secure 
reflection. This was based on a de- 
tailed analysis by Conser v ati v e 
Central Office of last Thursday's lo- 
cal Alwrtvw results *»nrf private 
o pinion polls, the last of which only 
arrived yesterday. These have con- 
firmed feaf Tory Slippurl iwtinnully 

is over the 40 per cent level needed 
far a comfortable overall majority 
in the Hong*, of Commons. 

A poll taken last week for inde- 
pendent television puts the Tories 
on 44 per cent, against 33 per cent 
for Labour and 21 per cent for the 
Alli a n ce. This is slightly higher for 
the first two parties, and rather 
lower for the Alliance than other 
surveys. 

Mr Nicholas Ridley, the Environ- 
ment Secretary, admitted in a BBC 
interview that June had become & 
“probability." He said; "I think we 
have been poshed by fiie media, by 
the City, by investors and opinion 
all over the world to dear up the un- 
certainty and get on with it* 

Reflecting what is likely to be- 
come a familiar Tory refrain, Mr 
Ridley said the Government would 
have “to fight" for victory, which 
was by no means certain. Tory lead- 


ers are concerned about possible 
complacency among their support- 
ers, leading to a drift to the Alli- 
ance. 

Consequently, the Tories will 
seek to stress the range of their 
new ideas. Mr Ridley said the mani- 
festo contained “extremely radical 
and exciting policies” on urban poli- 
cy and dealing with dereliction in 
inser cities. 

He confirmed that priorities in 
fee manifesto would be “areas of 
life we have not yet got right,* such 
as unemployment, local govern- 
ment. housing and education. The 
emphasis, he said, would be moving 
power down to parents and teach- 
ers, to tenants and homeowners 
and to developers and investors, 
rather than local authorities. 

The Labour Party’s national ex- 
ecutive and Shadow Cabinet are 
due to meet tomorrow to agree on 
the party’s manifesto. Particularly 
sensitive areas will be the phraseol- 
ogy on defence on which the Tories 
are likely to attack. However. Mr 
Denis Healey, the party’s foreign 
affairs spokesman, will be absent 
since he will be in Moscow, at the 
invitation of Soviet leaders, to dis- 
cuss arms control. 

It is already clear that, -unlike 
1983, Labour's manifesto will be 
cautious, with few detailed commit- 
ments apart from a £6bn (SlObn) 
programme to reduce unemploy- 
ment. The main campaign themes 
will be jobs, boosting manufactur- 
ing industry and expanding the 
health and education services. 

The Alliance's general election 
campaig n committee met for the*j 
gist time in London last night un- 
der the chairmanship of Mr John 
Pardoe, the framer liberal MP. One 
of its central themes will be the “re- 
sponsibility” of its economic ap- 
proach, and tomorrow it will pub- 
lish five-year public-expenditure 
plans 

This programme will fnrfiwip re- 
vised social security and tax plans 
which, nnlikp ranging! proposals 
last summer, avoid any extra pay- 
ments for most tax- 

payers. 

Once file election date is con- 
firmed, last week's informal discus- 
sions between the parties at West- 
minster will be quickly formalised 
wife the rearrangement of legisla- 
tive business. The bill to abolish do- 
mestic rates (property taxes) in 
Scotland will be finally approved on 
Wednesday. 

The main outstanding issues are 
how much can be salvaged from the 
Finance Bill, now in committee 
stage in and the mas- 

sive criminal justice measure. 

Analysis, Page 8 


Further 
dollar fall 
seen as 
essential 
to US 

THE FALL of the dollar to around 
Y140 brought production costs In 
many US industries down to the 
levels in Japan, West Germany and 
other advanced competitor coun- 
tries. But the dollar will have to de- 
cline a good deal further before 
there is any major improvement in 
trade figures or American in- 
dustry’s international market 
share. 

Is particular, many US industri- 
alists see Y12Q as an important 
milestone which will have to be 
passed by fee dollar before fee ris- 
ing trend of Japanese import pene- 
tration is decisively reversed. 

These are among fee most imme- 
diate conclusions emerging from 
nearly 100 interviews wife senior 
industrialists, politicians, academ- 
ics and labour leaders, conducted 
all over America in fee last two 


By Anatoto KaJetsky In Now York 
and Guy de Jonquleres In 
London 


months. The widely shared view on 
currencies was summarised by Mr 
Bob Lutz, executive vice president 
of Chrysler. 

“At Y240 to the dollar, America 
was obviously doomed, completely 
wiped out as a manufacturing na- 
tion. At Y150, we at Chrysler were 
broadly cost competitive on cars 
landed in fee US. At Y140, Toyota 
and the best of fee Japanese manu- 
facturers are still finding ways to 
make their exports profitable. At 
Y120, the Japanese will hit their 
death level - Y120 will really dean 
them out” 

Mr Thomas Graham, president of 
USX (formerly US Steel), maite a 
similar point: “At Y200 we felt we 
were already the low-cost supplier 
to most of the US market Now we 
are sure of this. But the currency 
thing isn't over yet - fee dollar will 
certainly go down to Y120." 

Mr Roger Smith, <*hiiinnan of 
General Motors, said he believed 
that the new Chevrolet Berettas 
rolling out of GM*s totally refur- 
bished plants in Delaware and New 
Jersey were probably fee lowest 
cost cars in fee world. But on aver- 
age, GMs total costs remain some- 
what above Toyota's, even at to- 
day’s exchange rate. 

GMs total labour costs per hour 
are S24 and standard hourly wages, 
according to the United Auto Work- 
ers, are about £13.50. At Toyota, the 
average shop floor worker costs a 
total of Y2.B30 an hour, 80 per cent 
of which is paid in wages, overtime 
and bonus. Thus, at last Friday’s 
closing exchange rate of Y139.7 to 
fee dollar, Toyota's labour costs are 
Con tinned on Page 29 
Feature, Page 18 



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1HAMBDOM4 BOROUGH COUNCIL HAS A RANGE OF. 







0 


Financial Times Monday May 11 1987 



By Robert Gibbenj in Montreal 


DONALD JOHNSTON. 50. a 
senior minister in the 1980-84 
government of Mr Pierre 
Trudeau, has resigned sud- 
denly from the shadow cabinet 
oE the opposition leader, John 
Turner, to speak out against 
the Heech Lake constitutional 
accord. 

Mr Brian Mulroney, the 
Prime Minister, and the 10 
provinces reached the agree- 
ment 10 days ago on a formula 
to bring Quebec Into the 1982 
Canadian constitution. The 
liberal opposition under Mr 
Turner generally welcome the 
agreement, while stating 
reservations about certain 
aspects. 

Mr Johnston. a friend of Mr 
Trudeau, and who sits for a key 
Montreal riding, has stepped 
down as Mr Turner's foreign 
affairs adviser, saying he will 
attack the formula. 

“ I see long-term consequences 
that could radically change the 
shape of the federation from a 
political, social and economic 
point of view and I must speak 
out on this issue,” he said. 

Ottawa and the provinces 
agreed the constitution should 
recognise Quebec as a distinct 
society within Canada. Alt 
provinces have a veto on consti- 
tutional change affecting parlia- 
ment, the supreme court and 
provincial boundaries, and can 
opt out of shared-cost national 
programmes. 



OVERSEAS NEWS 

talks doomed 


BY QUENTIN PEEL IN BRUSSELS 


ATTEMPTS by European Com- 
munity finance ministers to im- 
pose a coherent system of 
spending control on the EC 
budget appear doomed to 
failure this week and may be 
abandoned. 

Disagreement between the 
12 states on how to fix a cell- 
ing on spending, compounded 
by their differing priorities on 
whether the cash should go to 
agriculture or social and re- 
gional policies, coincides with 
spending estimates for 1988 far 
in excess of the limit on budget 
contributions. 

Although the finance minis- 
ters are supposed to be con- 
ducting a thorough debate on 
the European Commission's 
proposals to raise their national 
contributions to the budget be- 
tween now and 1992, to avoid 
their perennial budget crisis 
and share the burden more 
equally, there is no sign of any 
emerging consensus. Hopes are 
fading, therefore, for any de- 
cision in time for the 1988 bud- 
get. 

The 1987 budget agreed last 
year at Ecu 3fl.4bn (£25.34bn) 
is now sold by the Commission 
president, Mr Jacques Delors, 
to be in need of an extra 
Ecu 5bn because of higher 
agricultural spending and lower 
revenues than expected as well 
as a deficit on the 1986 budget 

The ministers will have their 
first full discussion today on 
three key issues related to the 
crisis, on none of which they 
can agree: 

0 The future financing pro- 



Jacques Delors (left) and Onno finding 
who face some tough talking 


posals of the commission; 

• The immediate Ecu 5bn 
(£3.5bn) gap in the 1987 
budget; 

• The spending celling for 
1988 to respect the ministers' 
own roles of “budget disci- 
pline.” 

Only in mid-week will the 
commission formally agree its 
prelim inaiy draft budget for 
1988 and its precise supplemen- 
tary budget for the current 
yeai. But the draft Is expected 
to come c-* at about Ecu 43too, 
compared with available 
revenues of about Ecu 88bn, 
leaving a similar financing gap 
in 1988 to that in 1987. 


The problem facing both com- 
mission and Council of Minis- 
ters in the budget process is 
that the spending figures have 
ceased to bear much relation to 
cash resources. 

The budget discipline pro- 
posals on the table suggest 
alternative maximum spending 
limits for 1988 of Ecu S6.6bn, 
Ecu 37.3bn or Ecu 40.9bn, 
depending on the base year for 
farm spending chosen in the 
calculation. 

Mr Nigel Lawson, the British 
Chancellor of tile Exchequer, 
and Mr Onno Ruding, the 
Dutch Finance Minister, are 
expected to press for the most 


rigorous possible interpretation 
of rules agreed in 1984-keep- 
ing spending down to one of 
the two lower figures. 

They want strict adherence to 
the budget discipline formula: 
that farm spending must grow 
no faster than the growth rate 
of EC revenues, taking 1984-85 
as the base year; and other 
spending must be kept to a 
“ maximum rate ” calculated for 
1988 at 7.4 per cent. On their 
calculations, the farm budget 
growth would be kept to less 
than two per cent 

Others argue that such rigour, 
is unrealistic: after two years In 
which farm spending has broken 
through the llmiite. retaining the 
base of 1984-85 Implies drastic 
cuts which would be politically 
impossible. They want to take 
1987 as the base year. 

The commission's budget plan 
implies an Increase in farm 
spending of 18 per cent on the 
original 1987 figures— or five per 
cent if the supplementary 
budget is assumed to be 
approved. 

France and West Germany 
have a foot in both camps, 
wanting to see budget discipline 
respected (it was the idea of 
Mr Delors in 1983 when he was 
French Finance Minister), but 
also fearing drastic cuts in farm 
spending. * . 

Whatever the outcome, the 
commission seems certain to be 
finalising its spending plans for 
*988 without agreement from 
the finance ministers on the 
limit and little prospect of them 
reaching one. 


WGefmaiis 
remove 
bar to Ecu 

By. David Manhln Bonn 

WEST GERMAN banks wffl 
soon be able to offer customers 
bank accounts denominated in 
European Currency Units 
(Ecu) as a result oftihe drop- 
ping of objections to the move 
by the Bundesbank, the central 
bank. 

Confirming its reputation for 
caution, the Bundesbank has 
given up its long-standing 
opposition to developing the 
Ecu at a time when private, use 
of the European Community's 
composite currency unit is any- 
way suffering & fa a in popu- 
larity. 

After previously dragging its 
feet over the issue for years, 
the central bank does not look 
likely to win any plaudits from 
foreign governments such as 
the French who have long been 
championing the Ecu as a 
means of furthering European 
monetary co-operation. 

The Bundesbank, at a meet- 
ing of Its policy-making central 
council last Thursday, agreed 
to a suggestion by Mr Gerhard 
Stoltenberg, the Finance Minis- 
ter, that German residents now 
should be able to make de- 
posits. denominated in the 
currency unit. 

Officials said banks should be 
allowed to offer Ecu facilities 
during ihe next few months, 
although they added they 
doubted if this would lead to 
a run by customers Into Ecu 
accounts. 


MONDAY 

DEPART 

LONDON 

1930 

ARRIVE 

TOKYO 

1510 

TUESDAY 

DEPART 

LONDON 

1930 

ARRIVE 

TOKYO 

1510 

WEDNESDAY 

DEPART 

LONDON 

1930 

ARRIVE 

TOKYO 

1510 

FRIDAY 

DEPART 

PARIS 

2040 

ARRIVE 

TOKYO 

1525 

SATURDAY 

DEPART 

LONDON 

1930 

ARRIVE 

TOKYO 

1510 

SUNDAY 

DEPART 

PARIS 

2040 

ARRIVE 

TOKYO 

1525 

SCHEDULE EFFECTIVE 

FROM JUNE 1st. 

, EVENING DEPARTURE 

TIMES ALLOW EASY CONNECTIONS FROM OTHER EUROPEAN CITIES 







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M PAN AIR LINES 

EVERYTHING YOU EXPECT AND MORE. 


Poehl faints at need 
for tighter US policy 
to attract capital 


BY DAVID MARSH IN BONN 

Mr Karl Otto Poefcd, the Presi- 
dent of the West German 
Bundesbank, has Issued a 
veiled call for a tighter US 
monetary" policy to attract 
American capital Inflows neces- 
sary to- protect the dollar 
against a further damaging 

fail. 

He warned that further 
depreciation, of the US cur- 
rency could bring both slower 
growth In West Germany and 
Japan a nd a “vicious elide 
of Mg h< » r inflation and more 
devaluation pressure in 
America. 

Although Mr Poehl did not 
go so far as to advocate out- 
right an increase in US interest 
rates, he said American 
monetary policy would have 
to take “due account” of 
attracting substantial net 
capital inflows to finance the 
US current account deficit. 

Measures to allow monetary 
policy to take more of the 
strain, as well as to cut the 
US budget deficit, would be 
welcome. This would mean 
that the US was adhering to 
the same sort of disciplined 
financial “rales of the game” 
which had produced relative 
currency stability In the 
European Monetary System 
(EMS). 

He noted that in recent 
months the US current account 
deficit had been financed 
■largely by dollar intervention 
purchases by foreign central 
banks, not by net private 
capital inflows. This was “« 
sun sign that there is policy 
inconsistency,’* Mr Poehl said. 

Although he couched his 
views in highly-guarded and 
diplomatic language, Mr Poehl, 
speaking last week at Harvard 


University. delivered an 
ominous account of risks 
rning from present dollar 

basic thesis is 
that the international monetary 
system, after already suffering 
a higMy-disruptlve period of 
dollar “ overshooting ” during 
its exaggerated appreciation 

between 1981 . and U85. may 
now be facing a dangerously 
overdone dollar decHne which 
could dampen International 
growth at the same time as 
increase inflation. 

He said the so-called “Louvre 
Accord” in February between 
the group of five countries 
and Canada did at least con- 
firm the US shift away from 

benign neglect [over the 
dollar] to active concern." 

But Mr Poehl categorically 
denied that the February 
agreement was aiming to bring 
£T any kind of “ target rates - 
for the dollar to replace the 
floating exchange rate system. 

Mr Foetal's speech contained 
a clear hint of the threat to 
growth In both West Germany 
and Japan of the current rise 
of their currencies against the 
dollar. 

He warned that so-called 
“J-curve effects” under which 
current account imbalances 
mti persist or even be magni- 
fied by appreciation of surplus 
countries’ currencies, “ may 
turn out to be longer lasting 
than generally assumed.” 

This would mean that 
pressure on the foreign ex- 
change markets would still be 
building up for further 
appreciation of the yen and 
the D-Mark even after ex- 
change rates had already 
adjusted sufficiently. 


Bonn prosecutor probes 
Neue Heimat testimony 


BY HAIG 9MONIAN IN FRANKFURT 


MR ERNST BRUIT, head of the 
Deutscher Gewericschaftsbund 
(DGB), the West German trade 
union federation, and Mr Volker 
Lange, senator for economics in 
the Hamburg state parliament, 
are to be investigated by the 
Bonn public prosecutor’s office 
on suspicion of giving false 
testimony to the parliamentary 
committee looking 'into the 
troubled Neue Heimat property 
group. 

Neue Heimat;- which is owned . 
by West Germany's trade' -union 
movement, is Europe’s biggest 
private housing company, it has 
been surrounded by a scandal 


over mismanagement and cor- 
ruption over the past three 
years. 

The Bonn prosecutors have 
reacted to the finding! of the 
special Bundestag committee 
into Neue Heimat, which sat 
between June 1986 and January 
tills year. The committee's final 
report, delivered in February, 
allegedly pointed to contradic- 
tory testimony on the part fid . _ 
some witnesses. *; 

The prosecutors are also to' 
make a similar investigation 
'into" Mr Gottfried Scholz, 
former head of the housing ■ 
department at the Hamburg 
building authority. 


Tension at Malta’s polls 


BY GODFREY GR1MA IN VALLETTA 


SUPPRESSING tension and 
violence in the aftermath to 
Saturday’s general election 
result remains a major worry 
for both Maltese Prime Minis- 
ter, Dr Cannelo Hlfsud 
and his rival. Dr Eddie French 
Adami, opposition and Nation- 
alist Party leader. 

The Prime Minister, on a 
gruelling 16-hour tour of every 
polling station cm Malta and the 
offshore island of Gozo on 
Saturday made it deer his main 
concern was for law and order 
to be rigidly upheld, particur 
lariy in the hours immediately 
following the announcement of 
the result early today. 

** The leader of the opposition 
and myself have worked out 
arrangements to ensure we get 
out of 4Ms campaign os eivHisod 
people should. For the two 
parties it fas important which 


one of us wins but the overall 
best interest for Malta lies in 
law end order being main- 
tained.” the Prime Minis ter 


_ One decision was for 
victorious leader to im 
diately deliver a televi 
address to the country. 1 
hopefully will discourage ps 
supporters from pouring 
Ian the streets to ceiebi 
their party’s victory at the pc 

The island’s 1,800-stn 
P°tice force and the 1,00 n 
serving in the paramilitary t 
fore* will remain on full afa 
lanes of coznmuniuatl 
between the two leaders are 
he kept open. 

Should he suffer defeat, 
Mifsud Boaaicx insists he i 
kmid oyer power to Fen 
Aidami immediately. 


Drop in value 
of lira creates 
nervous mood 

By John Wyiei in Romo 

COERENCI TWA HKHitS in 
Italy open In a nervous mood 
today as * result oC the 
Italian central link's deri- 
sion to tolerate a significant 
fan in the valine «f the lira 
■gainst the West German 
D-Mark. 

The Hatton currency fen 
by 1.7 per cent to Us lowest 
level agrtnt the D-Mark of 
DM 27&15 on Friday alter 
only mtnhnoi central h-tir 
httervestion. As a result, the 
Uni wob also m&n&mM My 
marked dawn against other 
cu g r enrie i, the us 

donor. 

Adding to the uncertainty 
Is Mepecfatioa of relaxation 
of exchange controls this 
week. The government Is 
expected to lift its require, 
meat op purchasers of 
foreign securities to lodge a 
non-interest bearing is per 
cent deposit with the centre! 
bank, 

Ualy has European Com- 
reonlty pmnfarioc to main- 
tain this control m*n 
December 19. 

Expla ining ita relative in- 
aattvtty os Friday, the ««wv 
of Italy says it was operating 
■ mere “flexible- policy. 

gstthe central bank is 
? kad gfven by 

S® 1f„F nace designed 

wr put measure on the 
Bundesbank to reduce Wert 
(tacman Interest rates. 


Church tells 

Italians which 

way to vote 

By Our Rome Correspondent 

ITALY’S Roman Cathi 
Bishops at the weekend r 
du<*d their predictable, all 
veiled, recommendation t 
the faithful should vote Ch 
tian Democrat in next mom 
general election. 

According to some observe 
^Church's endorsement 
Italy’s dominant party was to 
stron ger and less eqmvo 
than previous pre-election n 
f®8es- Its importance is judj 
to be enormous. Socialist Pa 
leaders believe the Churc 
support may be worth up to 
per cent of the Christian Dei 
cratic votes. 


FINANCIAL TIMES 

Published fay The Financial 1 
LhL, Frankfurt Bn 
"Presented fay E. Hugo, Frank 
Main, and. as members of 
ctf Dirtxtors, F. Ba 
RAF. McOtean, G.TS. Darner, 
Ornman, DJSp. Palmer, Lot 

Praam fttnkfnrter-SocU 
2™ Ek *re*<loibH. Frankfort/1 
““Pjmsfcte editor: R.A He 
mnkiurt/lfain. GufoUettsfa 
54, fiOOO Frankfurt am 
The Financial Times Ltd. 1S87. 
WNANOAL TIMES, DSPS 
18O940 V ptihHthfld daily meant 
days tod ho liday*. U.S. snbscrfa 
rates S385JJ0 per Sc 

dw* portage-paid at Near 1 
***■ *?dat additional nudBa 

Ora*. POSTMASTER: sendaS 
to financial TD 


10023. 



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financial TimesMonday May 11 1987 


OVERSEAS NEWS 


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Brazilian 

railway 

project 

attacked 

By hro Dmm«y In Rio do Janeiro 
A ROW has broken out In 

Brazil over a $2.4bn (£1.4bn) 

railway project aimed at open- 
ing np the . country's less- 
populated central region with 
the ports of. the north. 

First criticisms of the North - 1 
South railway-— the country's 
most ambitious public works 
Project for a decade — came at , 
the scheme’s announcement at 
Christmas. Several engineers, 
oo lid dans and economists 
claimed the 1,700 km railway 
was too expensive and offered 
an inadequate return on the 
investment necessary. 

But President Jose Saraey, 
backed by the governors of 
states adjoining the . proposed 
line, argued that the plan pro- 
mised to do mote to open tip 
the country than any public 
work since the building of 
Brasilia and its road link to the 
Amazon port of Belem. 

Approval was given earlier 
this month for a total S2.4bn 
to be allocated to the scheme, 
with the first tranche of fund- 
ing. $540m, due fo.be author- 
ised this year. Work is expected 
to begin next month. 

The decision to push ahead 
at a time when Brazil has 
declared a moratorium on its 
SllSbn foreign debt, is seeking 
$5bn over four years in new 
money from creditors and faces 
an economic squeeze at borne 
has sparked a wave of protests. 

Mr Alfonso Camargo Netto, 
a senator for the southern state 
of Parana which also seeks new 
rail links, is on the 

majority Democratic Movement 
Party (PMDB) to rule the 
scheme unconstitutional on the 
grounds that it is not part of 
the national transport plan. 

“It has nothing to transport. 
Zt doesn't have economic viabi- 
lity and it is going to generate 
more inflation for the country 
as it will be money badly used,” 
he said. 


McFarlane set for Contra hearing 


BY STEWART FLEMING, US EDITOR, IN WASHINGTON 


PRESIDENT RONALD Reagan’s 
involvement in the ban/Cootra 
arms scandal is destined to move 
hack Is the centre of political de- 
bate m Washington this week as Mr 
Robert McFarlane, a former Rea- 
gan Administration Tint-in ^ai secur- 
ity adviser, appears on Capitol Hill 
in televised public hearings before 
the wngnmcirtnaT rnmTn i tt^ inves- 
tigating the affair. 

With public fost 

week focused an the spectacular 
collapse of Mr Gary Harts presi- 
dential prospects, tire first four 
days. of h**»ringB attracted less na- 


tional a t tention than the White 
House might have feared- 
Moreover, the first witness; re- 
tired Major General Richard Se- 

cord, a prrvate citizen when be play- 
ed his role in the scandal, for all the 

detail he provided -had no dramatic 
new revelations to offer about Mr 
Reagan's participation. 

Mr McFarlane however - a man 
so tortured by his nde in the affair 
that he attempted suicide - as a top 
White House adviser until Decem- 
ber 1985 is expected to provide in- 
formation. about what went on in- 
side the White House which wiR not 


be helpful to Mr Reagan. 

The president co ntin ue to insist 
that, like his fellow countrymen, he 
is watching the hearing? to find out 
what went on. 

The New York Times reported 
yesterday that Mr McFarlane in- 
tends to tell the committee that Mr 
Reagan ordered the staff of the Na- 
tional Security Council to help ar- 
range support for the Contra rebels 
seeking to overthrow the govern- 
ment cf Nicaragua. 

But he will insist, the newspaper 
says, that Mr Reagan did not say 


how it should be d on ° end that 
neither he nor the president or- 
dered the council to do anything 
illegal. 

Mr McFarlane is also likely to be 
questioned closely on events as the 
scandal broke lari: Autumn. Mr Se- 
cord last week indicated that Mr 
McFarlane was involved in prepar- 
ing a chronology of events winch, 

the former military officer main- 
tained, was inaccurate. 

This charge, if correct, points to 
an early White House attempt to 
cover up details of the affair. 


Canute James on the profitability problems facing hoteliers 

Seasonal troughs batter Caribbean hotels 


AS THE peak winter season nears 
its end, Caribbean resort countries 
are already assured that this year 
will see a record number of tourists 
- which in 1968 topped 8m for the 
first time. But although the region's 
hoteliers are savouring increased 
occupancy levels - despite their 
rooms being among the most ex- 
pensive in the world -they are hard 
put to increase their properties’ 

p mfitahiHfy 

Many of the. region's g ov e r n- 

lnwitft tiijmi iinii'iMii my the 

only means of filling gaps in foreign 
earnings caused by depressed in- 
come from traditional commodity 
exports. They have all promoted the 
region, mainly in North America 
and Europe and, say officials, the 
effort is paying off. 

The Caribbean's tourist industry 
grew in 1988 by 5 per cent in terms 
of arrivals, boosted by an increase 
in the number at US visitors. US 
tourists account for about 70 per 
cent of the region's tourism market 
and last year their number rose by 
8 per cent 

It was not only intensive promo- 
tion, however, which attracted more 
visitors. The Barbados-based Carib- 


Alfonsin ready to make 
‘dirty war 9 concessions 


BY TIM COONE M BUENOS ARES 


ARGENTINA'S Attorney- 
General, Mr Joan Gauna, has 
intimated that the- Government 
does not consider middle-rank- 
ing officers guilty of human 
rights abuses when .acting under . 
orders from. superiors.;'- ^ \ fc 

to.ja Report 

Conn, published at ; the week-; 
end, with a letter to President 
Raid Alfonsin, Mr Ganna gives 
the first indication of -govern- 
ment policy regarding the 
future course of human rights 
trials. 

The definition, the torture 
and assassination- of prisoners 
by junior-ranking officers 
(those mostly below the rank of 
colonel) would be excluded 
from the list of charges in the 
trials where it can be proved 
that the officers were not 
exceeding orders. 

Mr Gauna none the less 
recommended reform of mili- 
tary law preventing “ blind 
obedience’* to -orders which 
would involve subordinates in 
a criminal act. 

The issue has been contro- 
versial since the Government 
of President Raul Alfonsin came 
to power in December 1983 
and began investigations into 
human rights abuses co mmi tted 
by security forces during mili- 
tary rule from 1976 to 1983, 
the so-called “Dirty War.” 

The military rebellion last 


month was sparked when the 
federal courts began hearings 
against middle and junior-rank- 
ing officers. The rebels de- 
manded an end to the trials 
of -the . junior ranks and ..Mr. 
Gauna's latest interpretation or 
military and civil law is the 
“first clear, indication that the 
• Government - is preparing 1 to 
make major concessions to the 
armed forces. 

The Attorney-General’s view 
differs considerably from that 
of the federal court judges who 
have already ruled that "aber- 
rant acts,” namely torture and 
homicide carried , out by junior 
ranks, are punishable under 
civil law. 

The judges are not obliged to 
heed the attorney-general's 
view in passing sentences in 
future trials, hut the report will 
nonetheless influence the way 
in which state prosecutors act 
in the outstanding cases involv- 
ing about 370 officers and 
junior ranks of the military and 
police. 

Unrest continues In the 
armed forces and now extends 
to' the navy. At an informal 
meeting at which the Secretary- 
General of the Navy was 
present, a senior naval officer 
told the Financial Times the 
navy . would not tolerate the 
trials of middle and junior- 
ranking officers. 


Amnesty plea to Cerezo 

BY ROBERT GRAHAM. LATIN AMERICAN EDITOR 


AMNESTY International yester- 
day called on . the Christian 
Democrat government of Presi- 
dent Vinicio Cerezo in Guate- 
mala to fulfil its pledge to 
investigate human rights abuses 
committed by previous military 
regimes. 

The human rights organisa- 
tion claimed that those re- 
sponsible for ' human rights 
crimes of “staggering propor- 
tions ” were shielding behind 
an amnesty law passed by the 
outgoing military rulers. 

The call came in a 230rpage 
report compiled by Amnesty 
International detailing abuses 


dating back to 1982. Amnesty 
expressed the concern that 
failure to' prosecute might lead 
“those responsible for human 
rights violations to believe that 
they could act with impunity 
in the future.” 

Although the report notes 
positive improvements since 
President Cerezo took office 
16 months . ago,- Amnesty main-’ 
tains it is still receiving disturb- 
ing reports of _ “ disappear- 
ances ” and political killings. 
Failure to establish an inquiry 
Into . past abuses may. have 
helped ' encourage these new 
violations. Amnesty says. 


bean Tourism Research and Devel- 
opment Centre (CIRC) says the 
growth in the number of US visitors 
"reflected continuing tears about 
terrorism in Europe and the Middle 
East" 

Caribbean countries are also 
boosting their efforts to exploit 
what is accepted as a potentially 
lucrative European market The 
volume of tourists from Europe last 
year grew by about 11 per cent over 
1985. "Much at this increase is due 
to the UK market, which sent over 
20 per cent more tourists to the Car- 
ibbean,” the Centre said. 

Tourism officials say a fresh as- 
sault is befog planned for West Ger- 
many, and Japan. Ho w e ver , al- 
though the region has roam for 
about three times as many visitors 
as it attracts the market is season- 
al, so summer bumness is 

But not all the resort countries in 
the region gamed from the in- 
creases of last year. While Puerto 
Rico, for example, recorded growth 
of 12 per cent, Jamaica 16,1 per «*n* 
and Grenada 10 per cent, Aruba 
saw a 12.4 per cent decline. Tourist 
volume in Guadeloupe fell by 62 

Icelandic 

coalition 

sought 

ICELAND'S Presidentyigdis Hnn- 
bogadottir yesterday asked Mr 
Stefogrinmr Hermatms«m, chair- 
man of the Progressive Party, to try 
to form a new coalition govern- 
ment, an official s&uLJteater re* 
ports from ReykjavikT '/ v 

Mr Hennannssan, Prime Minis- 
ter since 1983 and shown by public 
mrinian polls to be the nation’s best- 
lied politician, has beaded a care- 
taker government since last 
month’s indecisive elections. 

He said he would begin talks with 
party leaders. But observers said it 
might take months to form a new 
government and Mr Hennannssan 
might even fan. - 

In that case, the President is ex-' 
peeled to appoint one of foe other 
party leaders. 

Mr Hernuumsson told a radio for 
terviewer that unless he could not 
forge a coalition quickly, he would 
relinquish the presid e ntial appoint- 
ment 

Mr Thorstefon Palsson, Indepen- 
dence Party chairman and Finance 
M i n i ster in Heruumnssoris centre- 
right government, has expressed 
doubts about further cooperation 
with the middle-of-the-road Pro- 
gressive Party. 

Observers said Headers cf the con- 
servative Ind ep end en ce Party and 
the Social Democratic Party were 
eager to form a majority gov e rn- 
ment wife either the left-leaning 
Women's Alliance or fee Socialist 
People's Alliance. 

Sueh a -government would have 
the g » pp o ri of the influential labour 

rniinna. 

Even after its crushing defeat in 
the April 25 poll, fee Independence 
party remains Iceland’s biggest 
party. While no two parties have 
pnmigh seats to form a majority, an 
three-party options involve fee In- 


This announcement appears as a matter of record only 

SCHUITEMA N.V. 

: has merged with 

Samenwerkende 
Handelsmaatschappijen 
„SHM” BEHEER B.V. 

the undersigned acted as financial 
advisor 

. Nederlandse Merchant 
Bank nv 

A subsidiary of the Nederlandsche Midder^tandsbank nv 
May 1987 Amsterdam, The Netherlands 


per cent in Trinidad and Tobago by 
1 per cent 

The growth in the region’s was 
supported by continued expansion, 
in cruise ship business in 1988. Car- 
rying on a trend which began n 
1985. Again, say hoteliers and gov- 
ernment officials, many shipping 
lines diverted vessels from the 
Mediterranean to the Caribbean be- 
cause of consent ab out t errorism. 

According to the CTRCs figures, 
fee two biggest Caribbean cruise 

the anti tiw 

U5 Virgin Islands, reported in- 
creases at more than 30 per cent 
last year, while lower bnt still signi- 
ficant increases were recorded by 
Antigua, Barbados. Granada and 
Martinique. 

The CTRC has projected contin- 
ued growth in the region's to uri sm, 
based on expected expansion of the 
North American and European 
economies. 

Despite the increases in business 
volume however, the region’s hotels 
remain among the least profitable 
In the world because of high operat- 
ing costs. 

Although there have been in- 
creases in the volume of tourist ar- 


rivals in the Caribbean in 1986, 
room occupancy rates, a good indi- 
cator of utilisation and profitability 
in the Mwwmmnri ftti on sector, were 
generally lower than in 1985. 

The study indicated that Carib- 
bean hotels experienced low profi- 
tability despite recording revenues 
about a third higher than fee world- 
wide average. Total revenue per 
available room was about 
US$40,000 per year for Caribbean 
hotels, compared wife £35,000 in the 
Pacific and $39,000 worldwide. 

"Income before Aral charges was 
only £6,600 per available room in 
the Caribbean, compared with 
$11,000 in the Pacific and $8,000 
worldwide,” the centre said. 

This is primarily dim to hi ghai* 
operating and undistributed ex- 
penses in the Caribbean hotels.” 

Income before fixed charges for 
Caribbean hotels fell sharply be- 
tween 1980 and 1982, but rose by 
150 per cent between 1982 and 1685, 
largely due to an increase in room 
rates. Ibis was not supported, how- 
ever, by success in the attempts of 
Caribbean hoteliers to reduce their 
operating expenses. 


Third World 
action urged 
on spread 
of AIDS 

By Michael Holman 

A LEADING British aid 
organisation has called for 
urgent co-ordinated action by 
all voluntary agencies working 
in the Third World to combat 
the spread of AIDS (acquired 
immune deficiency syndrome). 

In a 60-page report* pub-j 
lished at the weekend. War on | 
Want warns that in Africa the 
virus is likely to spread from 
worst-hit countries along lines 
of transport. Southern Africa, 
says the study, “ appears to have 
all the fartocsr required for 
rapid spread of fee virus." 
affecting, In particular, Zim- 
babwe, Mozambique and 
Angola, while South Africa 
“may face a major and wide- 
spread epidemic in fee near 
future.” 

The report concentrates on 
Africa, where up to two thirds 
of the world's estimated 300.000 
cases of AIDS are located. War 
on Want cites figures from a 
conference sponsored by the 
World Health Organisation 
which suggested that there 
could be 75m people dead or 
dying from AIDS in Africa in 
the next few years. 

War on Want urges develop- 
ment agencies to help in the 
campaign against fee virus 
Non-governmental agencies 
need to pool their information, 
and programmes should be 
designed to cope with the 
impact of AIDS in specific 
areas, such as mining towns. 

The report warns of the 
potential economic conse- 
quences of increasing deaths 
from fee virus: u Cash crop and 
subsistence agriculture econo- 
mies could be damaged . . 
urban based economies may 
also be vulnerable, especially if 
skilled workforces are lost and 
cannot readily be replaced" 

• AIDS: Proposals for Action, 
prepared by Robert Grose for 
War on Want, 37-39 Great Guild- 
lord Street, London SEl OES, 
01-620 111L 


on alert in bid to 
preserve poll calm 


BY RICHARD GOURLAY IN MANILA 


AFTER THE freest, cleanest 
and least violent election 
campaign in 15 years, Filipinos 
go to fee polls today to elect 
a new Congress with the 
greatest threat to polling 
coming from Moslem separatist 
guerrillas. 

The military, however, went 
on top priority' alert nationwide 
as a precaution against election 
violence and moved extra 
troops into Mindanao island, 
where Moro National Liberation 
Front Moslem rebel leaders last 
week threatened to disrupt 
polling. 

Talks between fee Moslem 
separatists and the government 
for autonomy in four southern 
islands broke down last week 
amid rebel threats to resume a 
sporadic 14 year secessionist 
war in which more than 50,000 
people die din fee early 1970s. 

Elections in fee Philippines 
have often in fee past been 
marred by violence before and 
on polling day and by wide- 
spread cheating. This year over 
SO died in election related inci- 
dents. less than half the number 
that died in last year's Presiden- 
tial elections. 

Results from the polls for 24 
Senate and 200 Lower House 
representatives will take at least 
a week to emerge, with the first 
trends likely after two days. 

President Corazon Aquino has 
campaigned widely for two 
months in support of her 
administration ticket, calling 
for voters to reject the opposi- 
tion which she said would only 
be obstructive. 

Her personal popularity is 
likely to be a key factor behind 
a strong vote in favour of her 
chosen candidates, observers 
say. 

Her main opposition comes 


from an alliance led by Mr Juas 
Ponce Enrile, the former 
Defence Minister, and right- 
wing supporters loyal to 
deposed President Ferdinand 
Marcos. 

Mrs Aquino ousted Mr Marcos 
in a civilian-backed military 
revolt in February 19S6 led by, 
among others. Mr Enrile. 

Since she abolished the old 
constitution soon after taking 
power she has governed by 
Presidential fiat but has 
strongly supported the return 
of democratic institutions. 

Mr Enrile broke with the 
administration last November 
after months of opposition from 
within the cabinet, when Mrs 
Aquino fired him for being 
associated with an alleged coup 
attempt. 

Fielding a slate for the first 
time is a left wing party, the 
Partido ng Sayan, which the 
government says has strong 
links with Communist-led rebels 
who resumed an lS-year insur- 
gency earlier this year after a 
brief ceasefire. 

The PnB candidates have 
been the only party to grapple 
with fee Aquino administration 
over issues, accusing her of 
merely taking over from where 
Mr Marcos left off and doing 
nothing to improve the lot of the 
70 per cent of the population 
that still live below the poverty 
line. 

Swiss official freed 

MOSLEM kidnappers yesterday 
released one of the two Swiss 
Red Cross workers they had 
held in the southern Philippines 
since Tuesday, the military and 
the Red Cross aid, Reuter 
report? from Manila. 


No 


M 




Daily Picture of World 

Financial Markets. 


* * 


Any aspiring photographer could 
learn a great deal from The Wall Street 
Joumai/Europe. 

Despite the. fact that it contains no 
photographs. 

Because when it comes to providing a 
clear and uncluttered picture of world 
finance, The Journal is in a class of its own. 

Every day it captures the fine detail of 
the major markets - currency, bond and 
equity - in the sharpest focus. 

And like any good photograph, it offers 
much more than a mere record of events. 

When The Journal reports on world 
capital markets, for example, it adds back- 
ground and perspective to the financial 
facts and figures. 

And, no less important, a uniquely 
wide angle of vision. 

Unlike any conventional camera, The 
Journal gives a 360° picture - a global view 
captured by the largest reporting staff of 
any international business publication. 

So we couldn’t seriously recommend an 
exclusive study of The Journal to aspiring 
photographers. 

But to aspiring professionals, certainly. 


*. * 


i Bundesbank Relies on Wily Trader 
To Spot Vulnerability of Currencies 

5 . 

By Thomas F. O'Boyle 
SmfBtporttrqfTnxV/ALLStwarJmtnULL 

PRANKFURT 

”B“^ETER F1SCHER-ERLACH, with $45 bUlkm under his control, would 
\ l—Sbe thought <rf as a powerful man in most lines of work. But the chief 

^ at foreign-exchange trading at West Germany's central bank, the 
■j,. .; Bundesbank, knows all too well that eentral banks don't wield the 

iT". power they once did In Influencing the value of a country's mast visible 
' J :- asset, its currency. 

t"C Some S23S billion is traded dally in the global foreign -exchange 

■ market, a four-fold increase since 1382. "It's incredible how big the market 

z 'y£ ‘ vitir."'. ;■ .. "• ■ 

THE WALL STREET JOURNAL, 


- V 








kins 12 


Ilnandal Times Monday May 11 1987 

OVERSEAS NEWS 


Steven Butler reports on a model example of braiding central pluming rules 

Vietnam opens the door to entrepreneurs 


BY ANDREW WHITLEY IN TEL AVIV 


THE divided Israeli Govern- 
ment has put off a decision on 
the proposed Middle East peace 
conference at the eleventh hour 
— to allow time for the two 
opposing camps to attempt 
separately to win over the US. 

Despite his reluctance to be 
drawn into the acrimonious 
dispute. Mr George Shultz, the 
US Secretary of State, is likely 
to be forced this week to 
mediate between Labour and 
Likud in an effort to reach a 
consensus on the next steps in 
the peace process. 

A meeting of Israel's policy- 
making inner cabinet set for 
today, previously billed as a 
make-or-break occasion, will 
still debate the peace negotia- 
tions formula agreed in 
principle by King Hussein of 
Jordan and Mr Shimon Peres, 
tbe Israeli Foreign Minister 
and Labour leader. 

But not decision is expected 
for up to 10 days, until Mr 
Peres returns from talks in 
Washington. A top adviser to 
Mr Yitzhak Shamir, the Prime 
Minister flew to the TJS yester- 
day at short notice as the right- 
wing Likud continued its cam- 
paign to halt the recent momen- 
tum towards talks under inter- 
national auspices. 

It was the second time in two 
weeks that Mr Shamir had 


resorted to sending an aide to 
Washington. A trip by Mr 
Moshe Arens, a minister with- 
out portfolio, succeeded in 
blocking a trip Mr Shultz had 
been expected to make to the 
Middle East last week. 

Mr Yoself Ben- Aharon, 

director-general of the Prime 
Minister's office and one of Ur 
Shamir’s closest confidantes, 
told the army radio he would 

SHIMON PERES again fore- 
cast an early general elec- 
tion over his proposal for a 
Middle East peace confer- ; 
ence. In an Interview with 
Reuters he said yesterday: ! 
“ We are going to the polls 
because we think It’s a major 
issue that the people have to 
decide.” 

seek to convince the Reagan 
Administration to mount 
another Camp David-style effort 
to help bring about direct nego- 
tiations between Israel and 
Jordan. 

In September 1978, President 
Jimmy Carter mediated between 
the Egyptian President, Anwar 
Sadat, and Israeli Prime 
Minister Menachem Begin, to 
produce Israel's first-and-only 
peace treaty with an Arab 
neighbour. 


US warned on Mideast 


The President of the United 
Arab Emirates (UAE) told US 
envoy Mr Robert Murphy 
yesterday that Washington 
should adjust its Middle East 
policy to keep Its friends In 
the region. Reuter reports 
from Abu DhahL 

Sheikh Zaid bin Sultan al- 
Nahayan also said both super- 
powers should work to end the 
I ran- Iraq war, now well Into 
its seventh year. 

Mr Murphy, Assistant Secre- 
tary of State for Near East and 
South Asian Affairs, arrived 


from Oman on the second leg 
of a tour which diplomats said 
was aimed at reassuring Gulf 
Arab states of continued 
American support 
In his call for superpower 
influence to end the Gulf war. 
Sheikh Zaid was quoted by the 
official UAE news agency, 
WAM, as saying: “ Tbe respon- 
sibility falls primarily on the 
United States.” 

Sheikh Zaid said there now 
was a chance to achieve a just 
lasting peace in the Middle 
East 


TWELVE people were killed in 
Punjab yesterday, according to 
the Press Trust of India, as 
Sikh separatists increased pres- 
sure on the state and central 
governments, Reuter reports 
from New Delhi. 

Six people were shot dead 
and three seriously wounded 
when 20 extremists riding 

motor scooters swept through 

two villages near Amritsar, 
firing Indiscriminately. 

In Amritsar, a goldsmith was 
killed by two gunmen who fired 
into his shop. The shop's owner, 
a militant Hindu leader and 
their apparent target, was 
wounded together with a 
labourer. Near . Batala. three 
gunmen killed the Sikh head- 
man of a village. 

Polisario clashes 
with Moroccans 

THE Algerian-backed Polisario 
guerrillas say they killed 93 
Moroccan soldiers and captured 
13 in an attack on Moroccan 
defence lines In the Western 
Sahara last Friday, Reuter 
reports from Algiers. 

The target of the attack was 
reported to be Dhoueheb in 
the Farsia area, in the north- 
eastern corner of the disputed 
territory. 

Tbe attack was the first 
clash with Moroccan forces 
since an Algerian - Morocco 
border summit discussed the 
Western Sahara last Monday. 

Approach to Tamils 

The government sent a Sin- 
halese army captain to the 
northern Jaffna peninsula at 
the weekend to rry to open talks 
with Tamil rebels on creating a 
“peace zone" around tbe 
region’s main hospital, AP re- 
ports from Colombo. 


IN early April Mrs Ba Thi 
Thi. a silver-haired woman d 
65. bad a great deal of satisfac- 
tion. After seven years of 
directing a food supply and pro- 
cessing operation In Ho Chi 
Minh City that skirted the edge 
of both the law and Communist 
party orthodoxy, her company, 
the Ho Chi Minb City Food 
Company, was declared a 

national model. 

It is a model of how to bend 
the rules of central planning to 
get something done. If the rest 
of the country follows suit, 
Vietnam will still be socialist, 
but it will have thrown out 
much of the Soviet orthodoxy 
of centralised pl anning and 
opened the door for a brand of 
entrepreneurship that may be 
unique in the socialist world. 
Indeed, it looks quite capitalist 
in business practice, if not 
ownership. 

In seven years, Mme Ba Thi, 
as she is called, built a sprawl- 
ing socialist trading and manu- 



--- : 




Workers at Mis Ba Thi’s food supply and processing company In Ho Chi M fnh City 


Railway blast 


rice fever was created and an 
artificial shortage emerged.” 


TENDERS MUST BE LODGED AT THE BANK OF ENGLAND. NEW ISSUES (Si. WATUNG 
STREET. LONDON, EC4M 9AA NOT LATER THAN 10.00 A.M. ON THURSDAY, 14TH M AY 
1967. ORAT ANY OF THE BRANCHES OF THE BANK OF ENGLAM) OR AT THE GLASGOW 
AGENCY OF THE BANK OF ENOLAND NOT LATER THAN 3.30 RM. ON WEDNESDAY. 13TH 
MAY I3B7. 

ISSUE OF £1,100,000,000 

8 per cent TREASURY LOAN, 
2002-2006 

MINIMUM TENDER PRICE £94.75 PER CENT 

EAYABLE AS FOLLOWS: 

Deposit with tende r £30.00 per cent 

On Monday, 6th July ] 987 Balance of purchase money 

INTEREST PAYABLE HALF -YEAKU.' ON 5TH APRIL AND 5TH OCTOBER 
7 hit a an in*ntmer.i fjllim within Pan II of the Fint Schedule lathe Thaler Jmfidwtti 

AetIVM. /uhva as reauds frruruies Foratlr to bearer urlfieprmstanscf Section ? ef the Tr-axtre 
Art If IS. .IrrJiM/wwuw fvm made w i/w Council cf The International Stock Exchange fir the 
JAvn to tv admitted to the Official Lib. 

J. THE GOVERNOR AND COMPANY OF THE BANK OF ENOLAND ire authorised to 
iccnve iciulm for tUNn.oeo.tflO of i be above Loon; the balance of flOO.000.OIX) has been 
moved brihr National Debt Comnusuooen for public funds under there BU mmw l. 

2. The principal of and interest on the Loan will be a chaise on the National Loans Food, with 
reraurK la i be Ccnsultdiud Fuad of the United Kinsdom; 

3. If not previously redeem rd, thr Lean will be repaid at par on Jih October 2006. last Her 
Mmn'i Ireasur, reserve to ihemvcHcs tbe rvhl to redeem tbe Loan, in whole or is pan. by 
drawir-r-v or oiherwise. it par on w j! any tunc alter 3th October 2002, on p«nj cot ten £aa 
three months' notice in tbe London Gazelle. 

a. The Loan will be untvd in the form or stock which win be reguteted at tbe Bask of England 
oral the Kink cl I re land. Belfast. and will be iramlen No. in multi pics of one penny b< i osmamect 
in wimp in aiTiirdanif with the 5iock Translcr Act I-Wi. Slock registered at tbe Bank of Eastacd 
held i-v thr account of members of the Ccnml Gilts Office Service will also be transferable. in 
muliieln of one pennv, Iw exempt traits:,-? in sccrmUncc with the Stock Transfer Act 19S2 aad 
the relevant wtxvdnuteUBUlalion. Transfers will be free of stamp duty. 

5. On ivr alter 41b September I-,' stock mav be rvctiauprd mu bonds to bearer which wflj be 
available ,n drcmfcraaliun* of £100, COO. £MW. U.OOu, £5.1 AM. £10,000 and £50,000. Bonds will 
be lice of vuunp duty. 

Sunk mil be iotetduuseahta with bonds without payment oTacy fee. 

7. Imrersi will he ratable hjICjeasty on Jib apn! and Jib October. The fast interest payment 
w-.U b< made i-p Mb tXtoorr I-**; at ibe rairoi fl.tnN pcrfitMofthc Loan. Warrants for merest 
on stock «i2 he transmuted b> pmst. income la, will be ifaluird from payments of mete tbaa £5 
pa annum Inirrnt cr beads to bearer, ten income las. wdl be paid hi coupon. 

I Stock »inl bonds of this issue and ifcc interest potable thereon will be exempt from oH foiled 
kinfAsm uuunn. present ur future, k> Iona as it i* shown that the iwck or bonds are in tbe 
hrnr&ia! ounershm of pereuni who are neither dcmialed not ordioonly resident us the UttOed 
til L-r-st Briiaia and Ncnliem Ireland. 

". r rather. the interest parable on stock or bends of this issue will be exempt from United 
Kirpli'm iccmnr tax, rretect er future. SO long as it is shown that Ihe stock or heads ess a the 
bcactitial uwnenhip •*» persons who are net ordinarily mideat in iteL'nilcd Kingdom of Great 
pn:vn and Northern Ire land. 

I< 1 . F.-t i hr imryrHca of tbe pn-eedins para^ipbi, persons ore not ordiaaeilu resideiil in tbo 
I'.nird « tafiltua U they are rfsartfeii as txn ■jnbnajnl > resident for the puxpcses Off nurd Kirgdom 
aucMUs. 

II. AppliraiipnsforrseniruMi from lltiisc-d Kingdom income tax should, in die case cf interest 
cm bemsdr iniuih lorniu mat temtuiredtn the Cornell ssiotkti an DLudRcvemie. Scares 
bnndroi^w'nswillbe paid dnl jetton of United Kicgdom lecosne tax if accompanied by 

■ declaraiii-ei of itwncrtlup m u*.h form as mav be required bvr tbe Corominionen of Eulaad 
Be-enur Thrarrr.'cruiei.'miima, he ohm.-Kd from the Inspector of Forcigsi Dividends, ldaad 
Reitnuf. Lyn«t>.<d kcod. Thames Dillon, Sorrei. LT7 dDH 

12 These rsrmrcu-ns will art entitle a person to claim rrpaymen I of la* dedixird Ann interest 
icifetsuircLamiKiueh rrpainvm-. is rnsde wi'.tun the u me limit provided for such cla im , u n d er 
incimeios In*-, under the prpvtsioni of Ure Taxes MlBJjemenl Art xetion 43 tl'. no sues 
claim wilt be .-uiside this time limit if U is rude within tu jean from the djx cn which the 


TWO men were injured in a 
suspected limpet mine explo- 
sion at a railway station near 
Johannesburg yesterday. South 
African police Said, Reuter 
reports from Johannesburg. 
The blast at Roodeport, west 
of Johannesburg, damaged a 
ticket office and a telephone 


UBOR obtained fiwm web source or sounxs a t 


Default in due payment of any amount in respect of tbe Loan win rendet UttaUouneni tn neb 
Loon I table to ca n cellation any amount previously peid tuMcm f OT ftma c . 

20. Letters ofoUmmanmsy be splil rowdcoommsuonsofinuJtiptaofflOOon written nxHKit 
l e c e u nd by tbe Bank of England. New Issues. VAttling Sara, London, EG4M 9AA on any due 
not later man 2nd July 1987. Such requests must be sancdaad man be accaamuied by the tenon 

of lUom BHl 


facturing conglomerate with a . Ba Thi wants to 

turnover last year that reached rides, and consumer goods, and and by dint of this she brought root starch, nee paper and oaa ■ «reuared foods 

90bn dong — -US$l.l3bn at offl- took a convoy of trucks out into the private food merc h ants into pastries. Hompstie market to 

cial exchange rates, perhaps the countryside to exchange her orbit gradually making It has a new US$40m nee for tne a 

USSSSOm to 300m at a more these goods for rice. Bat* in the them agents of the group. polishing mill with imported laW time m tne 

realistic rate. This amounts to city, the rice was distributed Finally, in 1983, the city told Japanese equipment that can homfc s aiaoon {onifsa 
1 or 2 per cent of Vietnam's through the network of women? the central government in detail process 600 tonnes a day- It joint v«imrra . 

GNP. associations. Tbe state distribu- what it was doing and, with has begun to manufacture 50 companies aimea at impu tmg 

The company had its origins tion network would not touch it central government approval, tonnes of poultry feed dally, in technology, 

in tne severe tood snanages because the rice cost about ten what had been a sub-group of part to help spur a growing Mme Ba Thi says the company 

that struck Vietnam in the late tim^ more than the nfflHai the city food department be- export industry of frozen jg fully in the socialised state 

1970s at a time of repeated poor state price. came a state-owned company, poultry. The company has sector. She belives its operation 

harvests. The hierarchical “If it weren't for her revolu- The staff of the city food become the selling agent for does not violate central plan- 

state system for procurement tionary credentials, 1 ’ says one department itself was slashed agricultural machines from ning, because the company 

and distribution of food failed official “ she’d have been tossed from 4,000 to 30, with Mme Ba Yamaha of Japan. makes plans and submits them 

to deliver enough to feed tbe right into jaiL” Mme Ba Thi was Thi having her pick of the Last year, the company to authorities for approvaL 

4m residents of Ho Chi Minh bora into a revolutionary f amily - employees she wanted to retain reached an export volume of clearly, however the authority 
City, the former South Viet- The company’s sin was to cross and the rest returned to the US$20m. enabling it to cover planning has moved many 

namese capital of Saigon. At over administrative boundaries city government for other job its foreign exchange needs. notches down the heirachy. 

the same time surplus food was for trading purposes without assignments. Perhaps the most interesting „ , doesn't mean that we 

trickling in from bes villages, clearing the action with central Since then, the company has and controversial of its most no L «. e higher levels,” she 

and this was hoarded and sold level planning officials, and to branched out into a dizzy array recent ventures is the construe- u t t we have to work in 

for a high price by merchants, dare to ignore official state-fixed of business, all aimed in one tion of an oil refinery with an „“v’W T j wav and then try to 

many of them Chinese. prices. way or another at improving annual capacity of 40,000 thZm New they are 

“The free market took advan- Indeed, the convoys of trucks the city’s ability to provide tonnes, almost precisely the Evinced and they have put our 

tage of loopholes in our system were sometimes surrounded and agricultural inputs and con- current annual consumption of ""__ a _ h forward as a model.” 

and raised prices," says Mrs held up by local army units and snmer goods to the villages and the dty. 

Nguyen Tanh Khiet, deputy the party secretary of the city, thereby improve the city's food Mme Ba Thi admits there She sees the prinwpifi acmevis 

director of the company. “A Mr Vo Van Kiet had to go supply. were some bruising battles with meat of the company asnaving 

mh.ia* --a .**7. »_ «a- mjt thrnueh manv layers Of 


r VO YOU XVI tl, IHtU tu ISO a*WU. “‘““‘-I. — — . _ 1. mK n f 

rscnallv to free them. Mr The company, sometimes in the central government over cut through many j; layers jk 
et is now chairman of Viet- co-operation with other firms, this one. Vietnam, after all, has bur ea era tic intermediaries, ana 


wuti 6 cu, jxiei IS liUW cn airman ui Viet- vw^iauuu wiui vmet rniub, um» muc. vicluous oalui au, ««« *r — —r~ m __i c _j 

Mme Ba Thi, then deputy nam’s State Planning Conunis- now manufactures vermicelli a ministry responsible for thereby cut costs anaraiaea 

director of the city food depart- sion. (The mayor at that time, made from bean and rice flour, energy. efficiency. Soviet-style planning, 

xnent, went to the leaders of the Mr Mai Chi Tho, is now Interior instant noodles, potato starch “ Vietnam has been liberated she says, is too ripa ana pre- 
City and with their blessing Minister.) noodles. monosodium glutamate, for 12 years,” she says, “but vents people from taking aavan- 

formed a food purchasing group As the volume of trading manoic pellets and starch, sticky our leaders are still very rigid tage of opportunities, 
that borrowed money from the went up, Mme Ba Thi was able rice flour and noodles, ™im and the economy is still very “ We should not tie our a mm 

bank, bought fertiliser, pesti- to control food prices in th e city starch, wheat noodles, arrow bad. After heated controversy for too long, she says, 

S Korean Opposition leader may be prosecuted 


21. Meabere of tbe Central GOt* Office Service najisiAject to ihe provision* of ttKaKreemeat 
gottranre Uwr memberetup of Util Service, surrender a tardy-paid letter of alfounent to Ihe 
Central Gilts Office for canoebaen and for the unman of llu Lou compmed therein tn be 


cedi led TO the member'! account. The member who is shewn by ihe accotmtx of the Central Gills 
Office is bdnacatuicd lo toy amount efibe Loon NuB. to tbe eadusionofell persons previously 
enuued to sum Loan and any person diumini any coutfancmihcreio, both be treated esentMea 
u such Loan os u that member were the boWer of aimer or aUotmem and be table for the payment 
of any anwnm due in raped of such Loan. A member wdi be cmilled ni any time prior 10 
zegisaanoa a withdraw, in multiples of £100. nmoums of the Loan credited to the me lib el's 
account, and to obtain t partly-paid tetic ofalkumeel comp risi m sudi Lou, and such member 
atoll be hable for ibe payment oT all amouau becoming due thereafter in respect of such Loan 

\nJtlj ud land tbit tpucrnf yflntm e m ii mn vft ilF i witfi tbcCboSSli Gfltt Office fi ff 

aiaforesud. 

22- Letters of n Bo ttn e m must be surrendered for repisaation, OBcompe nh id by ■ compte tc d 
regisaati on form, when the bobuce uf the purchase money is paid, unless payment tn fall has beat 
made before the due date, in which case they must be fmrendcred for mpstnnion not buer than 
dtb Jntv iWTiirjisuaiiao of amoimn of ihe Loan held for the wcoantoimeaben of the Central 
Gilts Office Service will be elleaed under separate arrangements. 

23. Until the dose of business on 3rd S e pt emb er 1987, stock issued hi socordeace with this 
wtnp e c t u s will be known as 8 per cent Treasury Loan. 2002-2006 *A". The tnrercsi due oe 5th 
Ocuibcr 1987 will be mid separately on bakfiara of Ihe existing 8 per cent Treasury Loan, 
2002-2006 and an bournes of ’A* stock es it the dasc of business on 3m September 1987; 
cuu s cQum iR iniereK mandates, nmboritres for income tax exemption and other uofiBcatiosa 
reconied m respect of boldnin qf existing stock will not be applied in the payment of interest due 
oo Sth October 1987 oo holdings of “A" stock. 




BY MAGGIE FORD IN SEOUL 

THE SOUTH KOREAN 
Government is considering pro- 
secuting Mr Kim Young Sam, 
leader of the country's largest 
opposition party, for contempt 
of the state. 

The move follows a speech 
made by Mr Kim at the 
Inaugural meeting of the new 
party he founded with Mr Kim 
Dae Jung last month. 

In the speech, Mr Kim com- 


pared the Seoul Olympic 
Games to be held next year 
with the games held in Berlin 
in 1936 when Germany was 
ruled hy the Naas, He. also said 
that the presidential election 
scheduled for late this year in 
the South would be similar to 
elections held in Communist' 
controlled North Korea. 

A decision to prosecute Mr 
Kim is likely to provoke sub- 


stantial protest. Tension is 
rising in South Korea over the 
decision by President Chun Doo 
Hwan last month to call off talks 
between the parties .over revis- 
ing the constitution in advance 
of free elections. 

' More- -than -1*000 professors 
have signed statement* object- 
ing to tbe decision and 500 
Christian clergy have gone on 
hunger strike in protest. Next 


weekend's anniversary of the 
1980 uprising against the Chun 
Government in Kwangju, a pro- 
vincial southern city, is likely 
to provide a focus for further 
demonstrations. 

■ The government is" thought 
likely to issue a summons , to Mr 
Kim after the current session 
of the National Assembly ends 
on Wednesday, if it decides to 
go ahead. 






Cimcguuhqi ifon tntcxanng g per cent Treasury Lom. 20PZ-3M06. Hum me opening ofbminca 
an 4th Scptcrabcr 1987, Um -A - sock will be asnhpumud with the exMnc stock. 

25. Tender forms and copies of this prospectus may be obtained at Ihe Bank of England, New 
Issue* Willing Sura Louden, ECoM 9 aa. or at inv of the Branches of the Bonk of F-gWmi or 
al the Glasgow Apron ol the Bank of England: at the Bank onretaod. Moyor Buildings, Bora. 
20 CaVcnder Street, Belfast, BT1 5 BN; or H any office ofThe imeruauonaJ Stock Eulituce is dm 
(.'sited Kingdom. 

CtseerruntfS statement 


nitml i, p,< aNr. I 


tcxempiiocs will not apply w os 10 exclude Ihe inlemt ion 


an, ci-mputatii-n for tauuon purnotrs pf the rrofils of any trade at bnsjneii carried os in Ihe 
UmirJ Kiredom. Mvirecxcr, the al'i-wsnce -if the eiempuoiM 11 fuSect 10 the p^vtaoe, ot'asy 
la-, preuni >n lutute. -tf Uie t niicd KissJom directed 10 prexnuuut a«oidanre of lauusa by 
0 eruuisdnn)i 4 ilrd. nsuJc.it orortimnA rcsidrsi to the United Kuvdarx JSd. ir. part;.-slis tic 
uitrresi will nni he einrri Iron imcrir las alicre. under any such pimiuon. 11 EaSsto be treated 

f.r thr j-urpi-w of ihe I ncvtnc Tax Acts as icccme uf any penes resides! or onhtmnly resales! ta 
lb: L ulled Kingdom. 

It. Tenders oed b, lodged *1 tbe Bank «f For land. New Issues 151 9sfc Street, Tomfon. 
EOM 9A\ nrt lifer Ihaa 10 90 A.M, ON TmRSDAli 14TH MAI' IWT. or it any of Om 
Umcbmof (be Dank of Eaetwdoraf ibe Class* .tafuey of tbe Bank of Kniliad net later then 
\JO ULON WUWESDVK l.VTH M « 198?:^ Tendere will not bererocaHc betwren 10-09 osak 
oa Thuredav- I4tb May 1987 and IB. 00 ajn. ou Tnndajt 19Ut May 1987, 

14. Each icadti bos bs far ooraaosat sad at roe prirr. Tbe mlalmsia price, betow which tenders 
wQI Bat be arrrpts4 b C94.'t per ccbL Tewdcre mnat be made at the nuuluiaiu price ar at tdabfT 
petcea which are owldples of 5p. Ikudcra lodged without a price Mac stand wfl) be desreed ta bora 
been mode et the mkdmitm price. 

15. A seunretrcbeeuerspres Hi degaikyeskaUbe riterfOOJO far esefylHWeTthe NOMINAL 
uauaul <a (be Lana imdend far must acrampaur each Hsiic cheoure must be draws ou ■ beak 
ha. and be payable fo, the Uhkrd KtaldM, for Channel Islands m m Ilk of Mon. 

16. TnimawibibrsnhiniindflHdilMLMaadbrndtblneftHLMHbllase 

.4 wvc rfthc Uai tendered fir .Hi ufUte 

nw— 11.000 tiiw 


Aursnon a drawn to the staicmcnt issued by Her Majesty s Ti coni, on 29th May 1985 wtnch 
ftpiau - xd ihaL in the tnieen of Ibe orderfy condu ct or fiscal policy, natter Her Majesty's 
Government nor ibe Bank of England or ihar respective servants ar agents .undertake 10 d-rfaw, 
ta> chaoses decided on but not vet announced, even where they may specifically artccl the Uims 
on which, or ibe condiuons under wtucb, this Loan ts issued or sold by or on behalf of tbe 
Ct' s s- iM i or the Bank; Uat no respensbdity con therefore be accepted for uy onusHoa to 
cuke suca.dudosure; and dui sort otmsuon shall ndlher render any noraciion btbJe lobe let 
aside nte gtxerae loony daun for compensaltoo. 

BANK OF ENGLAND 

LONDON 

fob May !937 

THIS FORM MAY BE USED 
TENDER FORM 

This form must be lodged at the Bank of England. New Issues (S). VUrtfing 
Street, London. EC4M 9 AA not later than 1 0.00 A.M. ON THURSDAY. 1 4TH 
MAY 1987, or at any of ihe Branches of the Bank of England or at the 
Glasgow Agency of the Bank of England not later than 3 JO P,M. ON 
WEDNESDAY, 13TH MAY 1987. 

ISSUE OF £1,100,000.000 

8 per cent Treasury Loan, 
2002-2006 

MINIMUM TENDER PRICE £94.75 PER CENT 

TO THE GOVERNOR AND COMPANY OF THE BANK OF ENGLAND 

I/We tender in accordance with the terms of the prospectus dated 8th 

May 1987 as follows;—- 

Amount of the ebow-imnlfoiMd Loan tendered lot, being a mMmum 
of CIOO andlnamuMpleasfeUcnnnK— 

Amount of O Loan tendered (or MMsh 1. NOMINAL 

£100— £1.000 CIOO AMOUNT OF THE LOAN 

Cl. TOO— £3. COO £800 “ 

C3.OCO-C10.COO C1JMO r» 

£1 0.000— £50.000 £5.000 

£50.000 or oraatur £25.000 


Amoent of deposit endoud, beiofl £30.00 
fc» einwY £1 00 of tha NOMINAL amount of the lean 
tandarw! for (ahown In Bex 1 above]:— 


Z AMOUNT OF DEPOSn-M 



3. TEND6B PRffiE W 


£1,900— CION £500 l / vv8 

fi.cwv— fiD.oco IJJJCO Loan altooed to i 

gfg* shown betow 

CKLOUcrcrcucr BSfiOQ 

17. Her blaicBS'sT/wrcrv reserve the Hchiwrefed OUT tender or pert of byada and iciy 
therefore nJVx la iradrren less ihu Hie rail ntnauat of the Loan. Teodcn will be tuksd in 
dsKrodir-s order cfpnce and nllciraenu wtllbemailetoicndnmwboieiraJmaieatteabcvt 
the lw*ca pnee at which Her Majot> 's Treasury decide lbs aay tender should be accepted like 
■Eptmeni prurel. wb«Ji will be twt less than thr minunum tender pnee. All l E ol wea tS wm be 1 " ' *" 1WI Y tsar 

sude at the blloiniMt pres leralen which ire ueepud and wbicfl are nude at twees shove is* . . „ . , , 

alL-iiinit pnrt »iD be xScihxl in full, lenders m ad e si ilic sUotracns pnee may tx sCcned ta full PLEASE USE BLOCK Lfci i fcKS 


pner fo Ibe *}>crfiOr afid CotapAiy of tte Bank el Lcjluti, Issue Depoitreent. HOMS 

IS. Leiten nralletijicni in respect of ihe araouni of lire Loan sHcMd, bd=* ihecdy forts in * C3 
wliefi for Loan usher than amaunu held in the Central Gtlu Office Semes for the account of 

mctebml nay br tramfcnTd poor to rrgmranon. will be dotaMbed by BOM at the rax of the “ ~ 

undent, hit the druBicb ef any letter el aUetismt, ind gey refund at rite bnUere pf the n acan t rULKSTALAOCR 

pud ss deposit, ms, at the diicmi-in of ihe Bank or England be withheld ur.frl Cx tezdscr'i 

cheque has bren paid. In the esrm of such wiihholdica. ihe xuderer will be uouSed bv letter by 

tte Ban kef England of the ecueptmee of his lender and of the atnauntof l!U Loan slfocoted to — 

tun, lutiect id rach care in paytneni ef Bit checuc- but wch unDfiiBiuaa will confer eo njti on fost-tuv 

tte tenderer W tractfcr the amount of the Unn so atltciitd. 

19. No alfouiKUl will be made for a Ins xranuot than £ 1 01 of the l e an. In the evra ef ^rrcxl 

olluttncot, tbe balaitre of the oraoimi paul ss deposit uiffi. when rtfiuiifevL be renunrd bj ct iec ce 

drtpe^hed hyiwHilihcrjkonse umdner if no aHotnoctit Ii made the simuet paid aa Ccpcst , » rw-— 1 »- r* — i— 
will he retureia likewiic. Payincnt in full ma, be nude si any ume after sHtsmeni but no dixaraa: now ir mtd atm 

v.U tc Bllced on such payment. Interest nus be chained on a day-fos^-Basi -» any owofoe imou Kfemdum. W 

seivimt which mav he screped at a rate rotal in the London luer-Bank Offered Raie ter sms b 
day drpniB id aicrtinr.rUBOR'Iphis 1 per cent per annum. Such ram will bedeiencinedby the nut. mtoteadwi 

Usnk cf England by reference ip marie 1 quolailunt. ou ihe due date for tie rderaa; for Htaws «w>«i 


Thm price tun d w r ed per £100 of the Loan, 
being ■ multiple of Gp and not lees than the f* . 

minimum tunder price pf £34.75;— L ■ D 

I/We hsroby engage to pay tha balance .of the purchase money when It 
becomes due on any aOotmont that may ba made in respect of this tender, as 
provided by the said prospectus. 

i/WB request that any tetter of BRotment in respeet of the amount of the 
Loon attomd to me/us be sent by post at my/our risk to me /us at the address 
ahown below R 


of. at on behalf of, tenderer 



A oopwata dwqM mara aeeenttwar WKti tandae Choquas sheeM M mate payseia (a *Baek of 
Eaeiwra* and omrate *ttew tssua*. Ctequae meat ba drown ana bes* kw one ba pnriUa m tha 
umd Klns*wu Cw OnwwMatroUt ur tfw trie Men. 

•nwpriealwd— dawttraaiiMeia e* Be»"e iwr U aattsn tt u rafo l u m niffoer prtea. Hen g»tee la 
■wesfl. Cits tsodsrwra pa it aa m aJ Minas— marie at B w ilat n iw ei t rod sr e ri fw .E, rti W Cw ■i—g 
Imlweae ■nnxeane ■< DMpdea. 



‘■Wismmm-n::*: 

i ■m*m 

. / v SI88i 

• ■ -T - 
• • • .■-* . ' 


EVERY DAY RNIB NEEDS 
YOUR MONEY TO MAKE BUND 
PEOPLE S LIVES RICHER. 




/i-v 

-■m-AzMs? 





L V-> : . 

-vv ■. ; . 


liill 




I SiMcIol idiooli for Hm young. Tblkbifl boob forth* clcLR«habaifefiofl ceumt for thaiwwly blind. Without your hdp 
wBcouWn’t carry on. 1 would I^rohdlp and I DncIosB a donation For £5dl EIQ'l — I £ 2 Ql — \ Mom I — l 

m HP 0*^1 PlMta9 «nd *"• your Informcrtion pack about RNlB’s woikD For donations by Access w 
j ■■■ Visa, telephone Sheila Buthnr on (01) 388 1268. 


NAME 


ADDRESS 


1 

Royal 

II 


ional 

II 

nstitutefbrt 

he 

B 

i 

id 

i 


224 GREAT PORTLAND STREET, LON DON WIN 6AA. I 




we were able to get approval 
for (the refinery). Thera were 
many arguments about the role 
of central planning- 

The logic was simple. 

Vietnam baa an energy short- 

age. The food company needs 
fuel stock far fertiliser produc- 
tion so that It has something to 
barter with the peasants for 
food. Mme Ba Tni has an unas- 
sailable record of success. 

The company borrowed 

money and. used foreign 

exchange remittances from 
overseas Vietnamese in west 
Germany. The equipment, too, 
f«nifl from Germany, and Viet- 
namese living there provided 
technical advice. The refineiy, 
under construction now, will 
begin operating by the end of 
the year. 

What's next 7 The food com- 
pany plans fa expand its 
animal feed manufacturing to 
develop the meat expert 
industry, Including a new duck- 
raising venture in the Mekong 


vv.- ? r 

U’.? *- 


•nng 





Financial Times Monday May 11 1987 


OVERSEAS NEWS 


.-...He, 1 

- if. k. 


; .;, x r - 
' V 1 

. .■ w- f *. 
; • 


- ,■ ... * k. 

■» 

T. - l,_, 1 ' 


■'s.S. 






Toshiba agrees 
$240m venture 
with Motorola 

BY TERRY D005WORTH, INDUSTRIAL EDITOR 


TOSHIBA -of Japan and 
Motorola of the US, two . of the 
world's leading semiconductor 
groups, are planning to Inject 
about SI 20m (£72.7m) each into 
a manufacturing joint venture 
in northern- Japan. 

The companies are expected 
to sign agreement on the ven- 
ture, one of the most far-reach- 
ing co-operative deals launched 
in the industry, at a meeting in 
Tokyo today. 

They will also decide on the 
composition of '• the board, 
which will Include six directors 
from each company, and are 
likely to chose a chief execu-- 
tive, from Toshiba. Most of 
the managers in the plant will 
be Japanese. 

Negotiations on the struc t u re 
of the new company have been 
under way for more than four 
months, with both sides taking 
a tough stance on certain issues, 
according to participants. 

What has - emerged is a 
dramatic example of the new 
fashion for joint ventures in 
the electronics industry— an 
agreement which brings to- 
gether two gnmps which have 
a commanding position in their 
chosen fields. 

As part of the accord, each 
company will inject some of its 
key technologies into the manu- 
facturing venture based at 


Iznrnj City, about 220 miles 
north of Tokyo. 

Toshiba will supply its 
memory chips, where it has 
established a world lead in the 
manufacturing of- the most 
powerful one-megabit products, 
while Motorola will hand over 
its microprocessor designs, a 
field in which it is rated among 
the top three companies in the 
world. Microprocessors, chips 
which are used to' form the 
“ brains of computers, are the 
main strength of the US 
industry. 

In addition, each company 
will have access to some techno- 
logies of the other. Toshiba will 
transfer its process techniques 
in memory chips, where it has 
established a strong reputation 
for its productivity and high 
yields, while Motorola will allow 
the Japanese group to buy 
certain microprocessor compo- 
nents. 

- A further element of the deal 
is a commitment by Toshiba to 
support the sale of Motorola 
products in Japan. This agree- 
ment is seen as one of the main 
reasons why Motorola has 
played a low-key role in the ! 
storm over alleged Japanese j 
semiconductor dumping in the 
US and the complaints of US 
companies over their lack of 
access to Japan. 


Arms probe company 
faces fresh crisis 


BY KAREN POSSU IN OSLO 

KONGSBERG Vaapenfabrikfc 
(KV) of Norway, accused of 
selling arms illicitly to Iran and 
the Soviet Union faces a crucial 
decision on its future today. 

High-level meetings were 
held at the weekend to consider 
the options. 

In early April, when KV re- 
ported losses for 1986 of 
NKr 339m (£30m) it planned to 
build its recovery around its 
defence systems division. 

It now seems that it could be 
between NKr 500m and 
NKr 600m cheaper to form a 
new company,- to be called 
Kongsberg Defence A/S, at a 
cost of about NKr 750m, and 
put tiie existing group into 
bankruptcy.-... .. 

The other option would be to' 
'secure a fresh capital injection 
‘ from the 1 -Nofwegikn GbvenT- 1 
ment of NKr llZbn to 
NKr L5bn, an amount the 
Government is thought unlikely 
to provide. 

This comes at a time when 
KV is under investigation in 
Norway, West Germany and the 
US over alleged violation of. 
Western limitations, on techno- 
logy exports. J 

Authorities in West Germany 
are investigating the supply of 
advanced West German. 20 mm 


firearms to Iran, from a com- 
pany called Rhinemetall, which 
used components supplied by 
KV. 

It is alleged that about 300 
weapons were sent to Iran via 
Turkey. 

.Last week Norway sent a 
delegation of government offi- 
cials to Washington to smooth ; 
over separate allegations that i 
KV supplied numerical control 
systems to the Soviet Union for 
use in submarines. 

Results of the US-led investi- 
gations could exclude KV from 
a large contract to supply the 
US with components for its 
Fenguine defence 

Kongsberg Trade, another 
subsidiary of KV. dissolved. last 
week; was ' largely responsible 
for the arms links. The KV 
Br£bsldiary i 'wa» freaded-by Mr 
Bernard Green, a Briton, who 
is accused of giving inaccurate 
information to US and Nor- 
wegian investigators. 

Mr Green denies any wrong- 
doing. He said of the weekend: 

“ In this case there is no ques- 
tion of spying or motives 
where payment was received . . . 
it was nothing of a- bad nature. 

“ In one way. to say the truth 
and get It out is a good thing— 
I'm sure it will be okay now." 


SHIPPING REPORT 


Pressure grows for rise 
In tanker freight rates 


BY HAZEL DUFFY 

STRONGLY RISING freight 
rates were evident In certain 
dry cargo markets last week, 
while an upward trend in tanker 
rates- was expected as chart- 
erers came under some pres- 
sure. 

Galbraith’s, the London 
brokers, reported a steady 
stream of inquiries for large 
tankers from the Middle East, 
suggesting that charterers 
realise that Opec has virtually 
won the crude oil price war. 
and little is now to be gained 
from resisting their price 
demands. 

The tanker market, however, 

. is very evenly balanced between 
availability and demand, so it 
does not take' much to tip the 
scales either way. • 7 

Some VLCC owners are said 
still to be holding off in the 
hope of seeing-, rates from 
Hormuz to the US for. 245,000 
ton tankers -reach Worldscale 
35 very soon. Meanwhile, in- 
terest in 130,000 ton tankers 
was maintained last week. West 
Africa was -less active and rates 
-tended to soften slightly. 

Dry cargo rates look like 
being on a rising level into the 
summer. The Atlantic was par- 
ticularly strong with rates. 


rising on forward positions as 
• welL 

Brokens Denholm Coates 
report that this in itself has 
triggered a number of miscel- 
laneous orders where charterers 
had been waiting for rates to 
take their normal downward 
coarse. 

A' surge in values and volume 
took the Baltic International 
Futures Exchange to its highest 
point since its debut two years 
ago. Last Friday, the index 
stood at L085.5 and trading 
volume rose to 1421 lots. The 
strong upward movement was 
the ontcome of demand on the 
main routes, which have the 
heaviest weighting in the index. 

Beirut airport opens 

FLOWERS, flags and cheers 
greeted a Middle East Airlines 
(MEA) Boeing 727 when tt 
landed yesterday to offic i ally 
reopen Beirut airport after a 
98-day shut-down, Reuter re- 
ports from Beirut. 

MEA, - Lebanon’s national 
carrier, hatted flin ts when 
insurers withdrew passenger 
coyer and the Christian Leba- 
nese- militia warned the airline 
not to use tiie airport runwayss. 


World Economic Indicators 


UK fbn 


US Sbn 


trade statistics 

March '87 Feb ’87 
Exports 6.397 . 6JF33 

Imports &822 7.157 

Balance -0-425 - 0.224 

- Feb '87 Jan >87 

Exports. 18.60) 16.421 

Imports . 33.723 88.692 

Balance -15-065 -I2J71 


France Rrta Exports 7SJ80 

Imports 7430 

Balance — 0.50 
W. Germany DMbn Exports 43.65 

Imports 32.45 


Japan (tin 


Balance +11.20 
Exports 17.22 
Imports 10X19 


67.73 

70J8 

- 2.45 
40.77 
SL90 

+ 8.87 

- 14JW 
10.60 

+ 4.30 


Jan *87 March *86 
6J204 5.765 

6.731 61736 

-0527 -0J71 

Dee *86 Feb '86 
1&523 17.401 

3L255 28.769 

—12.732 —JL 368 
7LS9 73.79 
6&12 73.40 

+ 227 + 0-39 

43.42 44JJ4 

83.07 36-62 

+10l35 + 7.92 

19.66 17.61 

10.94 10-97 

+ 8.72 + 6.67 


Japanese 

telecoms 

proposal 

By bn Rodgtr In Tokyo 

JAPAN'S monopoly inter- 
national telecommunications 
carri er, Koknsai Densbin Denwa 
(KDD), has proposed that pro- 
spective competitors join it in 
a project to lay a new trans- 
pacific cable. 

This latest twist in the cam- 
paign in which Cable and Wire- 
less Of the UK is seeking to 
obtain a stake in Japan’s inter- 
national telecommunications 
business seems likely to compli- 
cate negotiations among the 
interested parties. 

KDD and American Tele- 
phone and Telegraph (AT&T) 
announced 10 days ago that it 
had begun a feasibility stndy 
for- their fourth trans-Pacifle 
cable, TPC4. 

This followed the announce- 
ment by the Japanese Minister 
of Posts and Telecommunica- 
tions, Mr Shunjiro Kara&awa, 
that he no longer opposed the 
proposal by the litternational 
Digital Communications (IDC) 
consortium. In which C and W 
has a leading role, to invest in 
an independent trans-Padfic 
cable. 

IDC is one of two consortia 
seeking a licence to compete 
against KDD in Japan’s inter- 
national telecoms market The 
other consortium. Internationa] 
Telecoms Japan (1TJ), does not 
want to invest in new trans- 
Padfic cable capacity. 

If It won a licence, it would 
sublet capacity. 


Kenneth Gooding on the launch of GM’s top-range model 


Snooker 


Senator sales drive aimed at VIPs thrives 


GENERAL MOTORS, the 
world’s largest automotive 
group, is to present its new, 
image-building, top-of-the- range 
model for Europe, the Senator, 
to selected groups of VIPs and 
opinion formers and to govern- 
ment departments before the 
official launch in the autumn. 

GM today gives first details of 
the low-volume model which 
was developed as part of the 
group’s DM 2bn “ big car ’’ pro- 
ject The other model to emerge 
from this project was the Opel 
Omega/Vauxhall Carlton execu- 
tive car. launched last autumn. 

Whereas GM expects the 
Omega/Carlton to sell at the 
annual rate of 175,000 this year, 
the sales target for the uew 
Senator is about 20,000 in 1988. 

In its best year, 1979, the old 
Senator and its sporty deriva- 
tive, the Monza, sold 26,000 
across Europe. However, since 
then competition In the large- 
car sector has intensified, par- 
ticularly in West Germany, the 
Senators best market. 

The newcomer competes with 
the new Mercedes mid- 
sized models, the Audi 100, the 
BMW 5-series (to be replaced 
fay a radically different model 
next year), the Ford Scorpio/ 
Granada and in some markets 
the Volvo 760-series. 

Mr John Fleming, GM of 
Europe’s vice-president in 
charge of sales, says that about 
half the new Senator’s sales 
will be in West Germany, 
Western Europe’s largest big- 
car market which accounted for 



The Senator, which Is to be launched in the a uranm 


45 per cent of the 650,000 sold 
there last year. 

The UK will be the next most 
important market and registra- 
tions there should be between 
4,000 and 5,000 a year. 

The Senator will be built 
alongside the Omega/Carlton at 
the Russelbeim factory of GM’s 
Opel subsidiary in West 

Germany. 

It shares some key compo- 
nents with the Carlton, in par- 
ticular GM’s new ACT 

(advanced chassis technology) 
suspension system, but Mr Flem- 
ing says the two models ere 
very different — much more 
than the old Senator was from 
the previous Rekord/Carlton 
executive car. 

“The new Senator has more 
personality than the old one 
and there is no chance of con- 


fusing it with the Omega/ 
Carlton when you see it on the 
road ”, he says. 

Mr Fleming believes it is 
important that potential buyers 
should test-drive the new car. 
For that reason demonstration 
models are to be taken to be 
tested by the specially-selected 
VIP groups, mainly in Germany 
but also in other European coun- 
tries. 

GM’s promotion will empha- 
sise the high-tech aspects of 
the new Senator, including the 
fact that it is one of the most 
aerodynamic cars in production 
with a new shape which incor- 
porates many advanced features. 

These include flush glass all 
round, an integrated and sealed 
front-end bumper and spoiler 
moulding, and a special rear-end 
design which reduces the accu- 


mulation of road dirt. 

There are three models in the 
new Senator range: a 2.5 litre 
saloon, a 3-litre saloon and a 
top-of-tb e-line 3-litre CD: The 
engines are specially-developed 
versions of GM’s In-line, six- 
cylinder units. 

The 2.5 litre develops 145hp 
and gives a top speed of 130 

mpta, according to GM, while the 

3-litre unit produces lTThp and 
a top speed of 137 mph. 

The 3-litre cars are fined with 
new four-speed automatic trans- 
missions with an electronic 
engine-transmission manage- 
ment system with three pro- 
grammes: for economy, for 
power or for winter conditions. 

GM claims the economy pro- 
gramme produces bener fuel i 
consumption than is possible 
with a 5-speed manual trans- 
mission. 

The CD Senator has an elec- 
tronic ride control system 
which allows the driver to select 
three different shock absorber 
settings, controlled by an on- 
board computer. This system is 
available as an extra-cost option 
on the other two models. 

The new Senator is about the 
same overall size as the old 
model, but GM says It provides 
much more interior space and 
has a bigger boot. 

Mr Fleming says that prices, 
when the cars go o nthe road 
in the autumn, will be 12 to 15 
per cent higher than for the 
current equivalent Senator 
models. 


FOCUS ON INTERNATIONALISATION OF JAPANESE MANAGEMENT 


in Belgium 

By Our Brands Staff 

RILEY LEISURE of the UK 
has opened its second snooker 
club in Belgium, where the 
sport is thriving as a result of 
television broadcasts of British 
matches. 

Riley, which makes tables 
and other equipment, now has 

a club in Brussels as well as 
one in Liege and hopes to 
expand elsewhere on the Con- 
tinent. 

Mr Alan Deal, the Riley 
chairman, said the screening of 
British snooker matches in the 
Netherlands and parts of West 
Germany opened up new possi- 
bilities. 

In the immediate future, 
however, Riley expects Belgium 
to be its most exciting over- 
seas market and claims to be 
on target for a £2m turnover 
here this year and up to five 
more club openings (a typical 
club investment, he says, might 
amount to £100,000 to £150,000). 

Belgium was fertile territory 
for snooker, given the long- 
standing popularity in clubs and 
cafes of billiards. Raymond 
Ceulemans of Belgium has been 
world champion for 20 years but 
without the benefit of constant 
exoosure on the small screen he 
sadly lacks the star status of a 
Steve Davis. 

One club manager in Brus- 
sels says 80 per cent of those 
who attend for the first time 
have seen the game on BBC 
television. 


ADVERTISEMENT 


E 


JmKamxpanding in tandem with Japan's capital markets. New 
Japan Securities is one of the largest securities houses in Japan today, and it is 
rapidly expanding internationally. 

With a 40 per cent Uft in pre-tax profits to around ¥60 billion anticipated 
this year. New Japan Securities is firmly entrenched as Japan's largest securities 
company after the big 4. Ranked by market value its capitalisation of approx. 

1 1 trillion is now larger than that of its long time US rivals, attesting to its 
rapid growth. 

A growing international and domestic network leaves the company well 
placed to pursue further growth opportunities. It has established a growing 
presence in the Euromarket, for example, where it lead managed 6 issues in 1986. 

New Japan Securities Ca President, Noboru Lie discussed the company's 
future prospects. 

* „ By Brian Robins 



Mr Noboru hie, President, New Japan Securities Ca, Lid. 


Outpacing Foreign Rivals 


. Strong Tokyo market 
to continue 

. 'Robins: Given the company’s 
nRance on commission income, what 
is your view of the outlook for 
Japan’s stodamarket? 

Irie Stock prices have risen to 
very high levels and, while there is 
some concern about a sudden drop in 
the market, my view is that the basic 
uptrend win continue unchanged for 
some time. The first reason for this is 
that the present situation in Japan of 
sizeable surplus funds wffisot change 
in the immediate future. 

In the private sector, in particular, 
there is an over-supply of capital. As 
a result, for financial institutions, it is 
difficult to supply capital in the form 
of foams, in addition, the corporate 
sector is having a difficult time trying 
to manage its capital — the bond rale 
is Ming, along with interest rates 
generally so capital will continue ac- 
cumulating in tite stockmarket. Of 
COUTyg, capital will also flow into the 
bond market, but mainly the stock- 
market, where good capital gains have 
been achieved and will continue to 
be earned. 

' For individual investors, interest 
rates on savings have falle n and the 
rate of interest on fixed term savings 
is not so high, so they too are coming 
to the stockmarket; as their tendency 
to save money continues strong. 

At the beginning of this year; 

Nippon Ibkpbone and TWegraph was 
listed, and it has done quite wdL New 
individual inv estees were attracted by 
this listing and it has served to make 
the market more attractive overall to 
small investors. 

We saw a similar trend occur in 
the "UK where priva tisation also led to 
an increase in the number of small 
stockholders. This is part of what I 
can the overall ‘securitisation’ of the 
in the area of investment 
trusts there have been a number of 
significant devetopmate wiffi modern 
portfolio theory and also computer 
funds management programs. Ill ad- 
ditkm, futures trading will commence; 
along with stock options. These may 
be ernnjriemented by the Start of ft 

commercial paper market in Japan, 
which s presently under study. 

These new types of instruments 
are amplifying the trend towards the 
overall rise in tire market, particularly 
since they revolve around innovation 
and new products. The market won’t 
rise in a straight line — there will be 
mm* min or corrections, but in terms 


of percentage movements of the over- 
all market, the corrections will be 
quite modest. 

Rapidly expanding 
domestic network 

Robins: How well placed is New 
Japan Securities to cope with the 
eventual slowdown of activity in equi- 
ty marked? 

Irie; As part of our response to 
this, we are strenghening our retail 
network in Japan. At present we have 
90 branches, and wc will be expanding 
that to 100 brandies. 

Our traditional strength has been 
with corporate clients, but enlarging 
our branch network will leave us 
better placed for the future; 

Overseas we now have 12 
branches, and we intend a further 
sizeable increase; Along with this, we 
hope to expand our number of re- 
presentatives overseas by adopting a 
more qualitative approach, not purely 
a quantitative one to our internation- 
al representation. Already we have a 
sizeable operation in London, with 
100 employees, but we have lagged 
slightly in our expansion in New 
"York. We are remedying tins, and 
we are sharply expanding our office 
space and boosting our staffing levels 
to Handle a much larger volume of 
business there. As part of this, we are 
also further developing our computer 
network, which will be co mpl eted 
later this year. ‘Also; we intend to 
strengthen our' already strong capital 
base. At present our capital to equity 
ratio is ower 30 per cent, but we would 
like to further improve that by using 
various self-financing techniques. 

Clearly there will be ongoing 
jhfgfflatimtalfcati nn of w orl d capital 
markets so that, instead of speaking 
of globalisation, the world will be- 
come one big market and we are 
well placed to take full advantage 
of that. 


Euromarket successes 

Robots: New Japan Securities 
has become far more active in the 
euromarkets over the past few years. 
Do you think dud the European 
market will remain as active as it has 
beat in the future? 

Irie: My impression is that the 
issuance of Euro-yen bonds will con- 
tinue actively. The reason far tins is 
that in the domestic yen bond mar ket 
issuance procedures are complicated 


and issuers tend to hesitate. But in 
the Euro-yen market procedures are 
modi simpler for issuers and there is 
also good demand from Japanese 
investors buying Euro-yen bonds as 
there is no currency risk. As a result, 
we expect that this market will con- 
tinue to remain active; In 1986, we 
were lead manager of six Euromarket 
issues. Also, we became a member of 

the IPMA (International Primary 
Market Association) following our 
successes. We are the first Japanese 
house after the big four to join the 
IPMA, and it has also helped us with 
our domestic underwriting as welL 

Of the six issues we lead manag- 
ed, three were companies with which 
we have been associated since they 
first went public— Matsuya Denki (an 
electrical retailer) l&ohan (a super- 
market chain) and Noriz (which 
manufactures water heaters). In all 
cases, we have been closely associa t ed 
with the company since the original 
listing. Of the other issues we handled, 
two were by leading Japanese trading 
companies, Marubeni and C. Itoh. We 
gained the lead manager status be- 
cause of our long standing dose 
links with both companies. 

The other issue was for 
Postipankki (Finland). Here; we se- 
cured the lead management position 
because of our cooperation with the 
Industrial Bank of Japan, which is 
our main bank. Tb date, we have been 
closely linked with growing domestic 
comp an ies with solid foundations, 
and from now on we want to be more 
active in offshore financing for these 
companies. With most of these com- 
panies, we have been active for over 
10 years, much more so than for any 
of the big four Japanese securities 
bouses. 


Futures markets to 
provide new growth 

Robins: With the progressive 
establishment of new financial mar- 


kets and products in Japan, how wed 
placed is New Japan Securities to 
participate? 

Irie: We have established a 
futures section in the stock depart- 
ment of our Osaka branch.- As pan of 
our overall preparations for an expan- 
sion of our activities in new financial 
markets, we have appointed directors 
with specific responsibility for options 
and futures markets. Our clients, 
especially corporate clients, are very 
keen to begin futures trading as early 
as possible because' of the hedging 
function that it prorides, in the light 
of the high level of overseas invest- 
ment new underway. We are aiming 
to respond to our clients needs as 
appropriately as possible. We have 
a lready applied for membership of 
LIFFE in London and we intend 
applying to join the Chicago Board 
of Trade, which will give us greater 
exposure to the main futures markets 
overseas. . 

Steady deregulation 
preferred 

Robins: Do Japan’s equity mar- 
kets need to undergo a r Big Bang’ 
style of liberalisation, similar to that 
which occurred in London last year? 

Irie: In terms of the liberalisation 
of co mmi ss ion rates, the Japanese 
market is completely different to the 
UK. In Japan we tend to concentrate 
on formal market trading; the market 
is not ah over-the counter market. I 
don’t think we will see a liberalisation 
like the *Big Bang' in the UK. But for 
institutional investors, because the 
main capital markets are becoming 
one, and information is becoming 
more readily available; I don’t think 
that liberalisation can be avoided in 
the long run. 

Actually, there has been a 
decrease in commission rates here in 
Japan. For institutional investors, the 
decrease has been large; even though 
the overall reduction in commission 


rates was of the order of 15 per cent. 
Although liberalisation will not occur 
overnight, in reality, we are moving 
towards deregulation. This month 
(May), for example, the Tbkyo Stock 
Exchange is sending a mission to 
London to study what the effect of 
the *Big Bang’ has been, and we will 
study the appropriate measures to 
employ, from now on. 

Planning for 
further growth 

Robins: Following the rapid 
growth New Japan Securities has 
enjoyed over the past two decades, 
how do you intend maintaining your 
position over the next two decades? 

life: We now have 110 trillion of 
clients’ funds under management, and 
we are seeking in the short term to 
boost that to ¥15 trillion. As I said 
earlier, we are strengthening our do- 
mestic base which should also aid 
us in further expanding our interna- 
tional business. From the Euromarket 
issues we handled last year, we have 
had a satisfactory spin-off in the new 
domestic underwriting business. In 
addition we are actively boosting our 
capabilities in trading overseas stocks. 
Wc have a great deal of experience 
with offshore funds, mutual funds, 
and the like; but while we have been 
selling Japanese stocks to foreign in- 
vestors we are now seeking to build 
our trading in foreign securities on 
behalf of our domestic clients. 

Along with these moves, an im- 
portant factor will be the development 
of human resources. In addition, we 
will strengthen our new product devel- 
opment capabilities, and as part of 
this will establish risk management 
controls. I think these are the three 
main points. In the future, the success 
of a securities company will be deter- 
mined by new product development, 
and we are progressively increasing" 
our ability to introduce new products 
for our clients. 


' Brokers, Dealers, Underwriters & Distributors (in Japan) 


CP NEW JAPAN SECURITIES CO., LTD. 

HEAD OFFICE: &-20, Kyobashi 1-chom^ Chuo-ku, Tokyo, Japan Tel: Tokyo 561-Tffl Telex: J22666 

New japan Securities Europe Limited 

4 Fenchurdi Street; London EC3M 3AL, United Kingdom 
Tel: 626-7855 Telex: 883066 

OTHER OVERSEAS OFFICES AND SUBSIDIARIES: Sydney, Seoul, Beijing, Bahrain, Frankfurt 
Paris, Hong Kong, Zurich, Geneva, New fork, Los Angeles 




3 


Financial Times Monday May H 1987 


UK NEWS 


Rolls allocation cuts profit-taking scope 


BY RICHARD TOMKINS 

SCOPE for profit-taking on the 
£1.38bn offer for sale of Rolls- 
Royce. the state-owned aero-engine 
maker, has been severely curtailed 
after the Government's decision to 
spread the shares among nearly all 
the 2m people who applied 
Smaller applicants will receive 
only 150 shares each, so if expecta- 
tions of a 30p initial premium are 
fulfilled, people who sell will expect 
to make a profit of C45. 

That figure will be almost halved 

by dealing expenses and other 

costs. There are no special dealing 
arrangements for small investors, 
so people who sell will in most 


cases have to pay a minimum com- 
mission of £20. 

This is likely to reduce the supply 
of stock when dealings begin a 
week tomorrow, because many ap- 
plicants will prefer to hold on to 
their shares rather than sell for 
negligible profits. 

Further upward pre ssu re on the 
price is likely to come from the oth- 
er main feature of the allocation - 
the elimination of applications for 
more than 100,000 shares. This ef- 
fectively excludes institutional in- 
vestors from the public offering. 

The portion of the issue which 
was plarad with the institutions be- 


fore the public offering has been cut 
from BO per cent to 50 per cent, so 
these investors will have to buy in 
the after-market to achieve the re- 
quired size of holding. 

The severity of the scaling down 
is a product of the heavy over-sub- 
scription of the offer combined with 
the Government's dete rmination to 
avoid a politically unpopular ballot 

The public offering was 9.4 times 
subscribed, with 2.025m people ap- 
plying for a total of 3Jbn shares. 

The number of applicants ap- 
proached the 13m for British Tele- 
com in November 1904 and was well 
in excess of the Llm for the British 


Airways offer three months ago. 

Fewer peopl e app lied than the 5m 
who went for TSB last September 
or the 4.4m who went for British 
Gas last November. But the Rolls- 
Royce issue was not aimed at inex- 
perienced investors and the Gov- 
ernment was dearly surprised by 
the response. 

Public enthusiasm for the flota- 
tion was driven by the sight of the 
large premiums att racted by earlier 
privatisation issues and the recent 
strength of the stock market The 
rationing of the shares will inevi- 
tably cause disappointment 

There have also been widespread 


RoBs-Royo* Allocation 


■ppfisdfor 
400— lyOOO 
1(500— 2,000 

3.000- 5(000 

6.000- 7,000 

8.000- 10,000 

15,000 

20 . 000 - 100,000 

Ow 100(000 


150 

200 

250 

300 

350 

421 

2JS% 

NB 


criticisms that application forms for 

the issue were poorly distributed, 
so making it dtiflcnlt for people in 
many parts of Britain to apply. 


News on Sunday plans 
financial rescue talks 


BY RAYMOND SHODDY 

MR OWEN OYSTON, a multi-milli- 
onaire businessman, is likely to 
take control of News on Sunday, 
the new left-af-centre newspaper 
which has run into severe financial 
problems less than three weeks af- 
ter its launch. 

Mr Oyston, the largest of the pa- 
per's individual shareholders, will 

hold talks today with his financial 
advisers and Mr Nicholas Horsley, 
chairman of News an Sunday, on a 
financ ial package to save the paper. 

. Last. w p*>k m ipg of tt >° fpn 


to 350,000 and at the moment there 
is only enough money for tw o mo re 
issues. If £8m is not raised urgently 
for a relaunch. News era Sunday 
could dose before the end of the 
coming general election campaign. 

"Owen Oyston is the only serious 
person who can save us," Mr Hors- 
ley said yesterday. The News on 
Sunday firman said he would 
support Mr Oyston taking control of 

the paper as the onty way to ensure 
its survival. 

^ think the odds are better than 


Mr Oyston recently sold his chain 
even that he will increase his in- 
vestment in the paper," Mr Horsley 

100 estate agencies in northwest 
EnSand to Royal Assurance for an 
estimated £30m. He says he is pre- 
pared to look seriousty at putting 
more money into the paper but only 
“if it has a viable future. 

“I think there has "to be a com- 
plete review of the paper in terms 

of a new business plan and re- 
launch,” Mr Oyston. 


r 




has made your 
company more 

competitive, 

let’s see 
you compete. 

Last month, the Manpower Services Commission announced the 
launch of the National Training Awards. 

The scheme is designed to focus attention on an area where 
investment and effort has gone unrewarded for too long. 

The Awards themselves will be presented in November with, 
extensive media support 

For the winners, they will provide some richly deserved publicity 
and prestige. 

For industry' in general, it’s hoped that the Awards will encourage., 
others to begin or expand their own training programmes. 

The National Training Awards are open to any organisation in 
Great Britain, regardless of size, able to show that its training, of whatever 
sort, has helped it run more smoothly. 

Already the Awards have the backing of the CBI, the TUC and 
Channel 4’s ‘Business Programme! Now all they need is yours. 

The closing date for entries is June 12th. For details, fill in the 
coupon or phone 0800 100 100 free, and ask for National Training Awards. 

Mr/Mrs/Miss/Ms 


Title/Position: 


Name of Organisation: 


Address: 


Postcode: 


Tel: 



m 





FREEPOST NATIONALTRAINING AWARDS, SHEFFIELD S3 7ZZ. 


a 

_i 


GEC and Plessey 
face £80m shortfall 
over delays at BT 

BY TERRY DODSWORTH AND DAVID THOMAS 

GENERAL ELECTRIC Company cfaangt^putt^ ^ 

and Plessey, Ihe two main summers whole tranche of orders m tfcecur- 

of public telephone exchanges in rent financial year. i ijjJ1 Jin _ 

tL UK fi^eVshortfoU of up to ttuterrts 

gT * * 

Tfcecuts of tip to 25 per cent in and worth about £80m. 
deliveries follows a period in which GEC and Plessey are the two 
both GEC and Plessey have over- mAin public exchang e supp lie rs, al- 
coxne production aifHmitiwt with {houg h BT also buys switches from 
the new di gital System X ex- Thom Ericsson, the joint venture 
chang es that they are now supply- between Thom EMI of the UK and 

mg to BT. Ericsson of Sweden. 

According to BT. the subs equent BT says the shortfall in deliveries 
acceleration in deliveries of Syste m +>, P ^n-rynt frnwTtrial year fa 

X has caused part of the hiccup in a 0 ne-off event which has no impb- 
the present installation pro- for its determination to im- 

gramme, because the company is ^ network by introducing 

having to cope with a backlo g of ex - exchanges. 

It is not yet clear what the impact 
Ina^iti^th^fra^rfOT- ^ ^ KhnrtfM on every supplier 
ders for pubhc e xc han ges was held ^ ^ ^ to w j iat errant Thom 

Ericsson - which had about 15 per 
********** cent of the latest batch of orders - 

The contract should have been mi | htbe ^ c ^ L 
pl aced at the end of last year, but Some (Sty of London analysts, 
was eventuaDy awarded in March, however, believe they may have to 
Because of these delays BT has reduce their profits forecasts for 
fallen badly behind in its schedule the two main supplier companies m 
for piirfwg defiveiy of new ex- the light of the cutbacks. 

Drug research bill to 
top £500m this year 


BY TONY JACKSON 

BRITAIN'S DRUG industry Intends 
to spend more than £500m this year 
on rese a rch and development 
(R&D). This would be 11 per cent of 
t he hhP qm! total for industrial 
R&D, although the industry ac- 
counts for less tha n 2 pe r cent of 
Britain's industrial output. 

In evidence to the House of Lords 
Science and Technology Commit- 
tee, toe Association of the British 
Pharmaceutical Industry says the 
industry is ahead of any other in its 

research spending. 

The £500m figure amounts to 
around 15 per cent of its UK-based 
sales, induding exports. This is 
riaimnH to beat other research-in- 
tensive industries such as aero- 
space, where R&D spending Is put 
at about 12 per cent of sales. 

The association remains unhappy 
about the return on this outlay. Its 
evidence dwells on a recurrent 
theme for the industry, the length 
of time fin 1 which expensively devel- 
oped drugs are protected by patent 

Although most patented products 
in other industries enjoy a foil 20 
years of protection, the association 
says, the average time allowed for a 
sew drug is only eight years, and 

falling 

This is caused by the increasing 
time required to get drugs through 


the regulatory processes to the mar- 
ket In 1988, the average time. taken 
between UK patent filing and the 
marketing of medicines was 12 
years. “In the future the effective 
pharmaceutical patent term is pro- 
jected to fall even further," the as- 
sociation says. 

"Medicines entering the Japa- 
nese and American markets in the 
1990s will have more than twice the 
period of protection available to 
pharmaceutical innovations on Ihe 
British home market Thfr could 
crucially dundermine pharmaceuti- 
cal R&D in this country by the year 
2000 ." 

The association is also unhappy 
about the level of fundamental re- 
search spending in the UK. *Tf the 
British academic biological and 
chemical research and higher edu- 
cation communities were to be 'de- 
skilled', then the long-term outlook 
for science-based industry in the 
UK would be bleak.” 

White the industry continues to 
lobby parliament for of 

patent protection, it is also pressing 
for foster approval of new drugs. 
The Department of Healt h recently 
appointed Mr Peter Cunliffe, who 
retired in March as head of the 
pharmaceuticals division at IQ, to 
lead an inquiry into the working of 
the medicines Kcgnafag mrth orfty . 


Pru handles £7bn 
in pension funds 


BY ERIC SHORT 
PRUDENTIAL PORTFOLIO Man- 
agers (PPM), the investment man- 
agement atm of the Prudential Cor- 
poration and Britain’s largest life 
assurance and. financial services 
group, has become one of the larg- 
est firms in the pensions field. 

It was already the largest fund 
manager in the UK through invest- 
ing ihe various funds of its parent 
company. 

^Mr Mick Newmarch, chief execu- 
tive, told the company's investment 
s eminar last week that PPM now 


OUt of the £21bn Of fartrik nw 
management 

The greatest gr ow t h sector 
been in the field of segregated j 
sion fund management, where j 
sum fund portfolios are handled 
an individual basis. 


Unti l recently, this pension 
TOstmenfc sector has been domi 
edby the merchant bard 
groups. However, in the five yi 
since PPM decided to beam 
player in the field, funds ur 

handled £7bn of pensions money Management have risen to £ 



TWA’s new flight to Philadelphia 
leaves Heathrow every morning. And its 
the only non-stop on this run. 


It lands you in Philly with plenty of 
time to do business, go shopping, or 
make connections. 


And we fly to nearly 100 other US cities. 
See your Travel Agent or ring TWA 
FREE on 0800 22 22 22. 


TWA Flight 7S5 
Dep. London 10l30’ 
An: Philadelphia 13.30 

Leading the wag to the USA. 












WM 


Financial Times Monday May 11 1987 


In die last 300 years^ around 300 species ofbuds have vanished from the world. 

Many are still threatened today and in Britain these indude the snipe, corncrake, 
and bam owl Even the lapwing is less common. 

Any ideas to help reverse die situation must be welcome^ and this European 
Year of the Environment see the birth of a new scheme to recognise outstanding 
achievements in the field of wild bird and countryside conservation. 

Sponsored by Esso, it is called the RSFB Birds and Countryside Awards. 

To encourageas manypepple as possible to get involved, there are four different 
award categories; individual, industry media and European 


In addition we will be giving our own Esso award 

As a result, a wide variety of subjects will come underthe spotlight/xrom habitat 
creation and improvement to the fight against pollution, protection of rare species, 
showing people wildlife and contributions through journalism. 

The 1987 awards will be given at a special lunch in London in July and 
nominations are now being judged 

For more information about the scheme^ we invite you to write to RSPB, 
The Lodge, Sandy Bedfordshire SG19 2BR. 

You could, after all, be carried away with ideas. llRSPB 


Quality at work for Britain 

# A MEMBER OFTHE EXXON GROUP 














8 


Tesco PLC 
increased and 

final offer 
for Hillards pic 


UK NEWS 


Hnancial limes Monday May 11 1987 ^ 


Politicians look to the tea leaves 


READING POLITICAL signs Is an. . a large minority of its 

Peter Palzer analyses last week’s local election 

results as parties prepare for a national poll ^^'^^ ymalamtents 15111 

aJuue . ; WhSe the global shifts of opinion 

grre us toe odds at the starting ■ ^ T . , ow m ^ guide to ti»e state of na- 

tions, but becense one month, espe- oofli Rdyiafl^^ “i®* tioniandevea regional opinion, it 

dally daring an eteettanramaign, rose in six and fell m 24. , is nmch more risky to project the 

fa P^„ thel0 ?S^l^art SS5 totoiividual cons^ 

wmma ,-25* fas rfflsSS 

2bL£££.CbM per^naHti^rfte™^^ 


z’Ossssssssst' 

nr^ T/wtften exrfnded. ex- mg local with general etedmns. 7^ t « wr disaster basis of precet 


and Greater Tendon excluded, 
cept for some tyelections. 


sored. For instance, on the 
precedent the Alliance is 


x iuuu wan general bhx u iihs . — : — - 7 - 1 oasis 01 preceuwut ««> iuuauw jo 

Compared with May 1983 the 1**“® La^ disaster much mortlik2y to hold Leeds 

Conservatives hf»d a set gain of 78 m fee Midland ^ of Wiglano- ^ West Plymouth Devonport than 


ta SSCS 3TiSKa«iEl« or S?Tu3SSciSBS‘S 

rider fhattoey lost about 100 of toe sonft, good bad pato^MK i^ gh. 

local elections are a kind of opinion started from a slig htly to wor . . » /.. u n.'p i* nt least 5 uer "»gfr«Vgn- assertion that there were 

SrSS flnctaatioSrf tiyesh dd, and th at Indepentote, \ ££ Srignsof tactical voting on Thurs- 

b?S£SS«l gain rf^lSs.^top of about 

and tosses from one year to the ^ rains. Boi it anoears with tike. There is no ^acucai rea- 

"^“TS^SiS the Conserve toto^SffitestranS^l son why a Labour s^rtoshouM 

tt^eSTtiie^nend election plateau. Its great local government not vote Labour in a wmnabfe ward. 

One group of boroughs, ad mit t e d * ■ — ■■ . . _ 

M ‘SftSS^’ rffe.' » ‘The swingometer is, for the moment, out of commission? 

those in the former Metropolitan - *"* 

cou nt i es . The annu a l va ri at i on in campaign about 2 per cent below breakthrough came In the county ewei l? ,0ia ^™^ ar *!^^r iy seat 

the parties' share in these boroughs the equivalent position in 1983. council elections of 1985. t,,™ 


Value of Tesco share offer 





The offer is finql and will not be extended.* If you are in any doubt as to haw to 
accept please telephone County Lid. on 01-638 6000 and ask for the Tesco Helpline. 

Offer doses 1.00 p.m. Friday 15th May. 


THS ADVQrnS&rfBMT EPUBUSHEIBYCCXW7Y IMTBJON BBiAlf OF TESCO PIC D Tte Omdonoflesco PlCto* Irian al lacaoxtioara to enure that In 
teefc staod heron ore two and aaurie and each of the Directon aocspfc nsponAS»y aomitfngV. B 7t» vduo of rim share ofcr of 393p fe famed on fte fan 
, . . . . sharaprleeof434pc*4pman&fcMBy19B7. 

■Sufjgl' i . IO t ? ?! B T ondA ? eaS ^ d 1, 19 ‘ ntTOOa>d Offerd^acornpa^Hfucrion orire or should the fend on Tofaeovws and OfeigaiiocnML 
flrtgo^bocOTyscf6dodorcdmiXiiTftiondffitocCG«*ro^lhos>OTO*telix«notttpCceftAta»^^ 

ihe data on vrfidi it woidd atfwvwsa tavti expired 


ly not a representative sample, that 
vote in three years out of four, are 
those in tire former Metropolitan 
counties. The annual va ri ation in 
the parties' share in these boroughs 
makes the point 

According to Marplan’s April 

S^per^mt to Labour in Scotland 
and of 1 per cent to the Tories in 
Greater London, although local by- 
etectkms, inolnifag sev er al on May 
7 paint a somewhat bleaker picture 
far Labour; 

What is tag is that Conservatives 
tend to underpoll at local elections, 
at least when they are in go vern - 
ment, to the benefit of Labour and 
toe Alliance, as evidence from both 
1983 and last week shows. But that 
factor, too, is quantifiable and can 
be built into our odds. 

Given that, what are toe answers 
that 15m people gave on Thursday? 
That the Tories (fid well, though not 
outs tanding l y , fa«t Labour (fid very 
badly and toe Alliance did 
creditably, but no more town that 

The first rule to observe is to 
compare like with like, that is toe 
local elections of May 7 1987 with 
those of May 5 1983, when toe same 
seats were co nte sted. There is a 
four-year fa r m of nffuv far local 
councillors. 

To compare last Thursday’s local 
elections with the 1983 genmal elec- 
tion is interesting but misleading 
not only because some people vote 
differently in local and general elec- 


What happens to his vote in June 


wmss. . i 

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sUifi 
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Of : P 1$. ‘ 


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Since they can afend to lose about 5 Since then it has held toe share Wh^haOT^ ro^ vrom^nme 
per cent of toeir 1983 share, at least of fee vote gained then, but not im- - « to toat oT toW-ptaoe Tray or 
if the Opposition parties continue to proved on it What has changed is Affiance (OTtawas- ronams an 
share fee zemrinder fairiy evenly, toat toe Affiance is now targeting unknown and potentially crucial 

that is not a bad starting potion, its eflorts more effectively, so that factor. . , . , 

Labour did distinctly wmse. Its it no longer suffers as dispit^or- ^Tbr^^d^ions^dout from 
net losses were 220 seats and there tionately from the electoral ayriem Thursdays vohng. The first ^ toat 


have been almost no by-election as it used to. 


toe i«rty battle remains, as it has 


gains to raise toe torrahniri in toe What Is interesting is toe source been for toe past five yeare, three- 

30 Conservative-held mar ginal of its gains. Of its 35 net gains in cornered. The second is that the La- 
seats analysed by D; Colin Ballings fee metropolitan boroughs, 19 came hour Party's electoral handicaps 
»tmI Or niWuwi Thrasher of Fhsr from Labour wnd 18 fimn the Con- have not gone away- The third is 

tbat toe Alliance remains this side 
of a breakthrough. 

PB9CKNTAOE SUPPORT FOR PARTSS.1B83 AND 1987 That does not make prediction 

— — — — — any easier. More than at any elec* 

Local Etoo-C^iWon PoB Generri Local Eleo-OpWon Poll ton there will be 850 individual bat- 

^ ,9 “ « "sr » SSiaSasns 

— land and Wales - try to take advan- 

Consonmthrw 405 405 405 305 402 tage of an electoral system best 

Labour 34w5 , 302 203 31^ 306 suited to straight fights. 

ADianco 22.0 105 200 27.0 24.1 The rival H«ims that toe parties 

=^=11=: ? will niake, acknowledge toe new 

(Nortrnnt^rKSonmaattwoutfxxii) rules of the game, however much 

ypp of ihe players may dislike 

Seats won in Matiiopctttu BorougUa are much more likely at the constit- 

iw«-iW7 uency level than at Ihe natkmaL 

IMS IMS 1984 IMS 1M7 The swingometer is, for the mo* 
l ahiHif 462 822 sis 586 818 ment, out of commission. 

ConaaraaS— 25S 190 150 2U 218 • Peter Pulzer is Gladstone Profes- 

Ulltanra 74 68 75 105 104 tor of Government and Public Ad - 

■ ■ ■ ■ ■- mzRuCrarion, Oxford and Fellow of 

(Oth as omated: tOB? figures adJUstmf tar nUOpte laeandto Si IfmpoaL) AU Souls College. 


Labour 


fllmdiaiii WkjuJ „ ,,, tij , , f |i jm r_fiu_.ll 

(Pronr/mTi fTmmnc orrtBWQ vwougnouij 


won lit Me tr o p o litan Po r o u^ia 
1982-1987 


(Othen omitted: 1967 tfgurK 3 *dftatmflarmtAlpliimcend * 3 lnlAwpooQ 





' *5. >• - • $Af' . . 

fi-'n* - c-X- i'\W 

■ : 



‘TRmmariteistnoTingso 
rapidly, how can I be sure 
tbat I can access the right 
markets at the right timer 


Investors today, teced wltfa^ volatile wodd markets, cannot 
afford to sacrifice flcxtofliiy. Stuck in one madcct wMc another is 
gai nin g, eg mnnnfTtc dtoamaikcttfaatbjhllh^, is an all too familiar 

sc e n e of lost c^jcn-umity: 

Capital Strarcgy Rmd limited sieves toe problem. With its 
choice of fifteen sub tends ft provides daily access to toe vrorfcft 

major equity, currency and meed interest maikm.TbcyaQ deal 
daily and moving between tocm is conqilctdy free of dealing 
charges, UK. Osteal Gajnslhx and stamp duty. So Instead oftookfa^ 
at markets and wbUagyou were toen^you an be— now, without 
delay 

When you next co nside r your cqated st r a te gy , consider 
oum~ the mdveisri answer to woridwide investment 

Cat! Anthony Myers on Jersey, Channel Islands (0534) 
27301 for father in fonnatjon andaptogpectus, oc the basis alone 
Qfwhich appUcadoas for Paniciparing Shares can bemadeorwrite 

fn h4m «fiar 1mft wT nnrt M anayn InW m aljnnal Tlm i f w l 
fi Cik Place, St¥Mler,jfewgy, Channel Warw4« 

Gartmore 




STRATEGY 

FUND 

LIMITED 



— servatxve& Outside the metropoli- 
tan areas a large minority cf its 
local election gHing also came from Labour, The 


j 






9 




financial Times Monday May 11 1987 


3*iT 


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:;^5S 








UK NEWS 


Raymond Hughes examines a journalist’s refusal to disclose his sources 

Law finds an unfortunate victim 


THE 1988 Rnaadal Services Act, as 
Lord Justice Slade said in the Court 
of Appeal last week, was designed 
to "give teeth 1 * to the 1885 Company 
Securities (Insider Dealing) Act 
The intention was that tee teeth 
should bite on those involved m 
what another judge described as 
“the evil of insider trading*. 

It is unfortunate - tfw 
of a certain nwig nm t of embarass- 
roent - that the teeth have in fact 
dosed around the »eVl*» of a finan- 
cial journalist who everyone ac- 
cepts Is entirely innocent of the evil 
the law is seeking to root oat 

Mr Jeremy Warner, now business 
correspondent of the Independent 
newspaper and formerly with The 
Times, faces the prospect of being 
the first person to be punished on- ‘ 
der the 1886 Act He has refused to 
answer questions put to him by De- 
partment of~ Trade and Industry 
(DTI) inspectors appointed to inves- 
tigate lea ks of price-sensitive infor- 
mation from tee Office of Fair 
Trading, the DTI or the Monopolies 
arid Mergers Commission (MMC). 

Mr Warner, with the wholeheart- 
ed backing of Mr Andreas Whittam 
Smite, the editor of the Indepen- 
dent, has taken a stand on what he 
regards as his professional right 
and obligation as a journalist to- 
Twflirrtaww the confidentiality of the 
sources of information on which he 
based articles about two takeovers. 

On the face of it a classic text 
case requiring a TmTanrfng of con- 
flicting public interests: in the pre- 
vention of crime and in the free 
flow of ip formation to the media, 
which largely depends on infor- 
mants befog assured that their 
identities will not be revealed. 

And so, to a large extent, it is; 
though it may not be the ideal case 
for testing an issue of principle, for 
asmudx as Mr Warner's articles 
were not exposing wrongdoing but 
were simply “scoops” about the 
<twn unpublished in tentions of offi- 


cials or ministers. While that does 
not detract from the professional 
rectitude of his stand it might be 
thought to diminish its ethical for- 
ce. 

fit November, 1885, in an article 
in The Times, Mr Warner referred 
to the “unconditional clearance” by 
the MMC of a bid for Matthew 
Brown, the Blackburn brewer, by 
Scottish and Newcastle Breweries. 
The Commission, he wrote, “bos 
concluded . . ■ that a' takeover fay 
S &N would not operate against 
the public interest Contrary to 
stock market speculation, there are 
no conditions attached to the find- 
ings which are due to be published 
next week.” 

In October, 1888, Mr Warner 
wro te in the Independent that the 
Trade and Industry Secretary 
“looks certain” to refer a bid by 
Strong & Fisher for fellow tanner 
and manufacturer Garnar Booth to 
thf» finBimiecinn. 

The inspectors, Mr John Lindsay, 
QC, and Peter Crazier, suspected 
that the articles were based on in- 
formation leaked by at least one 
civiX servant They asked Mr Warn- 
er how it was that he had been able 
to express confidently the outcome 
Of official hnd not 

then been made public. 

Mr Warner declined to give any 
information about his sources 
the inspectors invoked the 1886 Act 

Section 177 of the Act gives the 
inspectors the power to require any- 
one to give them information. If 
that person refuses to co-operate 
the inspectors can complain to the 
court If the court decides that the 
person has no "reasonable excuse” 
it can treat the refusal as c o nte m pt 
of court and impose punishment 

The Act thus gives the inspectors 
a power to demand information, 
that Is without precedent in any 
other area of English law. 

That parliament should have 
granted such a unique power is an 


indication of the depth of concern 
about the insidious and highly da- 
maging spread of insider trading, 
the difficulty of uncovering it and 
the need to bring offenders to book. 

Section 10 of tee 1881 Contempt 
of Court Act says that journalists 
can refuse, in court proceedings, to 
disclose their sources, unless tee 
court is satisfied teat disclosure is 
“necessary in tee interests of jus- 
tice or national security or for the 
prevention of disorder or crime.” 

The Court of Appeal, in deciding 
that Mr Warner must reveal his 
sources, held that section 10 did not 

directly apply b ec a u s e the inspec- 
tors were not a “court." 

The question was whether he had 
a "reasonable excuse” under the Fi- 
nancial Services Act However, if be 
had been able to invoke section 10, 
he would have had a “reasonable 
excuse" for not answering the in- 
spectors? questions and he could not 
be put in a worse position simply 
because the inspectors were not a 
court, tiie appeal judges derided. 

The inspectors, therefore, had to 
- satisfy the court teat Mr Warner's 
information was necessary for the 
' prevention of crime. 

The inspectors’ inquiries had sug- 
gested that the insider dealing they 
were investigating wa a on a very 
large scale - more than £10m by 
one ring alone. Mr Warner, they 
said, was among a very small num- 
ber of disinterested witnesses avail- 
able to tiwwn, fo some matters 
tee only one. 

When tiie cm* before the 
Hi gh Court Mr Justice Hoffmann 
was not satisfied that tee inspectors 
had shown that disclosures would 

pra w ewt farther iinriHw a™* 

that Mr Warner's evidence was, 
therefore, “necessary for the pre- 
vention of crime.” 

Overturning that the ap- 

peal judges said that Mr Justice 
Hoffmann bad set a too stringent 
test for the inspectors, who could 


not reasonably be expected to re- 
veal all the information they al- 
ready bad and risk prejudicing 
their investigations. 

In effect tee appeal court held 
that, if inspectors say they need 
particular evidence tbfl t jjg 
good enough for the court They, 
better than anyone else, must know 
what information they need,” said ! 
Lord Justice Slade, tho u g h be did 1 
say that tee court should not simply 
“rubber stamp" the inspectors' 
views. 

The inspectors were investigating 
crimes; Mr Warner's information 
was likely to be of substantial assis- 
tance to them ; the inescapable con- 
clusion was that disclosure of his 
sources was necessary for the pre- 
vention of crime; accordingly he 
had no reasonable excuse, the court 

The judges, like the inspectors, 
made it dear that they were not 
anxious to see Mr Warner pun- 
ished. Lord Justice si*de fully ac- 
cepted the principle that responsi- 
ble journalists should generally be 
entitled to protect their sources. He 
hoped t>iet all journalists would ac- 
cept that that right must be overrid- 
den in the exceptional case where it 
was necessary for the prevention of 
crime. 

The judges adjourned the matter 
until next monte to consider what, 
if any. punishment to impose, and 
also to give Mr Warner an opportu- 
nity to change his stance - some- 
thing which he made be 
hac nO intention of dning, 

The court will have to impose 
some penalty, if for no other reason 
than pour encourager les aotres. 
They are unlikely to send Mr Warn- 
er to prison and will probably im- 
pose a not over-large fine. 

In any event, Mr Warner has 
been given leave to appeal to tee 
Law Lords, so it will be many 
months before any punishment be- 
comes effective. 


Barings to sell lease on City HQ building 


BY DAVID lAttrwicg BANKING EDITOR 


BARINGS, London’s oldest mer- 
chant bank, is to sell the lease on its 
betiding in Bishopsgate in the City 
of London to realise new capital. 

The derision has been partly dic- 
tated by Baring s* determination to 
avoid having to go public, as most 
other merchant banks have done in 
recent years to tap new sources of 
capital. 

The lease is valued in the compa- 
ny's 1886 accounts at £34m, but it 


expects to raise much more than 
.that 

Mr Andrew Tnckey, a Barings di- 
rector, “Deregulation has pro- 
duced more opportunities than ever 
before to invest capital in our own 
business, this is what we are 
doing?* 

The transaction will not sever 
Barings* connection with the site, 
which it has occupied since 1806. 

Under .a complex arrangement 


Barings remains the freeholder. 
However, it has leased tee site for 
999 years to the electricity industry 
pensio n fund which in torn, 

leased it back to Barings for 250 
years. It is this second lease winch 
Barings is offering far sale. 

The l eay* entitles the holder to 
just under 40 per cent of tee rental 
incorap fro m the with the 

remainder going to the electricity 
industry passion fund. 


Barings will continue to occupy 
11 floors of the 20-storey building, 
which was redeveloped in 1980. The 
other major tenant is Deutsche 
Bank. 

Barings, which is owned by the 
Baring Foundation, a charity, dis- 
closes little finanriwl information 
about itself. However, it recently re- 
vealed that it employs £468m of 
capital in its newly established se- 
curities activities. 



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10 



farm policy blamed 
450,000 job losses 


BY DAVID BLACKWELL 

ABOUT 450.000 people in the UK 
are out of work as a direct conse- 
quence of the European Communi- 
ty' 5 Common Agricultural Policy 
(CAP), according to the initial re- 
sults of a study being undertaken 
for the Australian Bureau of Agri- 
cultural Economics. 

The UK had suffered from CAP 
more than France, West Germany 
or Italy. Dr Andy StoeckeL director 
of the Centre for International Eco- 
nomics in Canberra, told an inter 
national meeting held at the week- 
end at Steyning, West Sussex, to 


consider the economic effects of the 
farm support policies. 

Without CAP price supports, he 
said, the output of the UK’s manu- 
facturing sector could have been 
£3bn greater, and the output of the 
service sector nearly £8bn greater 
in IBS 6 values. 

He estimated that CAP bad cost 
the Community as a whole some lm 
jobs. 

The burden imposed by the CAP 
on the Community was not just a 
matter of surplus production, stock 


disposal or even overspending, be 
said. 

The taxes required to fund the 
subsidies and the trade restrictions 
to support the food producing and 
food processing sectors had become 
so large that manufacturing com- 
petitiveness and job opportunities 
were being lost. 

This misallocation of resources to 
the food sector worsened unemploy- 
ment, particularly in the Communi- 
ty's manufacturing sector. Dr Sto- 
eckel told the conference. 


Move to curb fish quota abuse 


BY LUCY KELLAWAY 

THE BRITISH Government plans 
to tighten the law on the registra- 
tion of British fishing boats in an. 
effort to stamp out "quota bopping”’ 
-whereby foreign ships use up part 
of the quota allocated for UK fisher- 


Mr Michael Jopliog, agriculture 
minister, told the National Federa- 
tion of Fishermen's Organisations 
at the weekend that new rules 


would prevent boats registering in 
the UK unless they were owned by 
UK citizens who are also resident 
in the country. 

Under the present system foreign 
owners can register boats in the UK 
with little difficulty. This has been 
subject to widespread abuse, in par- 
ticular by Spanish companies. 

British fishermen have been out- 
raged at having their quotas used 


up by foreign boats. 

It had been feared that any at- 
tempt to tighten the rules could be 
illegal under EC law. However, the 
European Commission has indicat- 
ed that the rules would be accept- 
able. 

Mr Jopling said the legislation, 
which would be introduced as soon 
as possible, could not be applied ret- 
rospectively. 


UK NEWS 

Truck groups level 
in race for sales 

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPQNDBfT 


THE TWO newly-merged truck 
companies which dominate the UK 
market were neck and neck in their 
race for leadership, by the end of 

last month. 

In the first four months of this 
year, fveco Ford Truck, with 4,222 
vehicles over 3.5 tonnes gross 
weight registered, captured 22 per 
cent of the market and Leylanri- 
Daf, with 4JS88 sold had 22.25 per 
cent. 

However, if Leyland-Daf, 60 per 
cent controlled by interests in the 
netherlands and 40 per cent by the 
state-owned Rover Group of the 
UK, lives up to the past perfor- 
mance of its constituent companies, 
it should move steadily into the lead 
during the rest of this year. 

While the merger, completed last 
month but signalled earlier in the 
year, seems not to have dented Ley- 
land truck sales, the Society of Mo- 
tor Manufacturers and Traders sta- 
tistics show that Daf sales have fall- 
en sharply. 

In April, 191 Daf trucks were reg- 
istered agianst 338 in the same 
month last year. In the first four 
months of this year, Daf sales were 
down from 1,079 to 896, or by 17 per 
cent 

In contrast, Leyiand truck regis- 
trations rose from 938 to 963 in 
April and for the year so far they 
slipped only a little, from 3,437 to 
3,370. 


Iveco Ford, formed nearly a year 
ago from the UK operations of Iva- 
co, the Fiat-owned company, and 
Ford of Britain, has regained a con-' 
siderable part of the ground it lost 
in the early part of 1986. Its sales In 
the first four "mnthg of 1986 were 

29 par cent below this year's level at 

3,278. 

The battle for l ea dershi p is tak- 
ing plate against the background of 
relatively weak demand - total re- 
gistrations of trucks over 3.5 tonnes 
were down by 10 .6 per cent to 19,170 
in the first four months as potential 
buyers held back to see whether 
there would be a general election 
and which party was likely to win 
it 

Among the other major truck 
companies in the JauuaryApril pe- 
riod, registrations by Daimler-Benz 
of West Germany in third place 
have dipped from 2,616 to 2fi02, 
whereas sales by fourth-placed Vol- 
vo of Sweden are up from 1,620 to 
L998. 

Total sales of new commercial ve- 
hicles fell by 12.95 per cent in April 
to 23,801. Sales in the first four 
months were, however, 2.8 per cent 
ahead at 108,782. 

The importers' share of the total 
market during April was 40.32 per 
cent against 41.85 per cent in the 
same month in 1986. Their share in 
the first four months was 3&M per 
cent, compared with 41.73 per cent 
a year ago. 


Allied to 
brew more 
Australian 
lagers 

By Usa Wood 

ALLIED LYONS, the food and 
drink* group, la to brew end distri- 
bote in the UE two Australian lager 

brands owned by the Bond Corpora- 
tion of Australia under a licensing 


Allied wkwwfy brews un der B - 
roncp Band's Castiemalne XXXX 
brand which has contributed to the 
growin g strength of Albert's lager 
portfolio. The new brands to be 
brewed under licence are . Swan 
Premium Export lager and Swan 
Special Light lager. 

The brands are at present sold in 

the UK by Bass and Coura ge. It is 
understood that these two brewers 
will continue to sell the brand. 

Mr Peter Beckwith, managing <5- 
rector of Bond Corporation, said in 

Perth: 

The excellent performance of 

glioma Itw 30(Xx in the UK has 
clear ly demonstrated to us the ex- 
pertise that Allied h™ in beer mar- 
keting and we are delighted that 
these skills will now be used to pro- 
mote the Swan brands in the UK." 

Lager is the growth sector of a 
stagnant UK beer market with 
brewers concentrating attention on 
the development and marketing of 
their lager brands. 


Mtish Gas 



your second 

payment is due 


When you applied for your British 
Gas shares last year; you only paid the 
first instalment of the price. The second 
instalment of one-third of the purchase 
price is now due. 

Within the next few days, you should 
receive by post a statement of the exact 
amount you should pay. On the back of 
the document is the name and address 
of the bank to which your payment 
should be sent. Be sure to return 
the whole document with your 
cheque, using the pre-addressed 
envelope provided. 

Please send your pay- 
ment as soon as possible. 

It must be received before 
3pm on 9th June 1987, or 
you may lose your right 
to your shares, your divi- 
dends and/or any entitle- 
ment you may have to 
bonus shares or bill vouchers. 



If you have not received your 
statement by Friday, 15th May 1987, 1 

contact the British Gas Share Enquiry 
Line, National Westminster Bank PLC, 
Caxton House, PO Box 343, Redcliffe 
Mead Lane, Bristol BS99 7SQ 
(telephone 0272 294 188). 

If you have moved house since you 
bought your shares, do check at 
your old address before calling the 
enquiry line. 

If you have any problems with 
the document, contact your bank 
manager; stockbroker or other 
financial adviser 

(The price currently quoted 
on The Stock Exchange for 
British Gas shares is based on 
the first payment only. From 
the beginning of June 1987, 
the price quoted will be based 
on both first and second 
instalments having been paid.) 


British Gas Share Offer 

Issued on behalf of National Westminster Bank PLC as Registrar and Custodian Bank. 


Financial Times Monday May U 1987 

Range Rover output 
overtakes Lind 

Rover for first time 

- motor 


compared with the same period of 

2966 to 3,038. , ^ 

Land Rover sales were also the 


PRODUCTION of the luxury four- 

wheekkive Range Rover has for novia Btuca ... 

the first time overtaken 0“^ “ w for five years and up by 21 per 
its more utilitarian stable mate, the ttol 780 in continental markets. 
Land Rover. . .. tW Rover said the introduction 

BytheendofthmyeafcW^fc® turbo-diesel versions of its vehi- 
Land Rover company expetss m . . , ctinuilataif 

. if nn/1 .-vUi/tUo ITT") 


01 tunxmcaci w r ai< r~ 

des had particularly stimulated 
sa fcq in those markets where diesel 
fuel is relatively cheap- 
In Italy, for example, Land Hover- 

. Vt on* nc»rt in iha four 


UC1IU own —““T - — * . 

make about 45,000 velucles - up 
from 41,000 in 1986 - at least half 

are Ekety to be Range « 

The change shows sales we up 37 per cent in the four 

Srnths to S»4 wSe Range Rover 

s«kmss2 

is company is well on target to reach 
cles for tbfi developed markets ooo^es in the first full year, so 
beginning to pay aft ^ ^ Rovers have 

Tte P«rtrftes^ 

continental Eorn^an mnitafe m ^ m 

600 extra people to lift output 

Rolls seeks bigger 
sales in Japan 

BY OUR MOTOR INDUSTRY CORRESPONDENT 

AUSTIN ROVER'S subsidiary in Ja- factory, more thanUWO ^“goyoes 
pm is to distribute Rolls-Royce and have been asked to volunteer for 
Bentley cars in that country’s most overtime on Saturday morm^s 
SSortant market areas. The ar- and two extra tours during the 
rangement is expected to nearly week to cope with new production 
double Rolls-Royce and Bentley targets for the Metro, 
sales from 54 last year to about 100. Outputol 

In a separate development yes- creased from 3^50 to 4,000 a week 
terday. the state-owned company by the end of May. 
also aiid it was to step up produc- Austin Hover said demand for the 
Son of the Metro car and Metro had increased both m export 

hoped to introduce overtime work- markets and the UK where it has 
ing for the first time since July benefited from a tow-cost finan ce 

promotion and a new advertising 
Austin Rover Japan, set up in campaign designed to give the car 
spring 1983 when the UK company more personality and make it more 
took over its own import arrange- attractive to young people. 

£pan, will • General Motors, the Vauxhall- 

Royce and Bentieycars through its Opel group, quickly followed its ma- 
dealerships in Tokyo, Kanagawa, putting up car 

prices. GM said yesterda^hadiih 
^ creased prices by an average of 2J 

and Co, the sole importer to Japan eg ^ ^ wia the 

™ “““ Eon ^ hBseA rise totshghliy below the 2.4 

YVnart unity. . pgr cent increase ■ unnwiMwl bv 

The RoHs-Royra modelswffl join Austin Rover a week ago. ' - ^ 
Austin Rover’s lme-up by Rover 


Sterling (wihH p locally on the UK 
company's behalf of Honda), 
Maestro and Mini models. 
Austin -Rover Japan also dlstrib- 


ago- 

Examples of new prices, includ- 
ing aH taxes, are Nava twondoar sa- 
loon £4,622 (19 from £4fr27); Astra 
L3 1 three-door hatchback £6,776 


ntes care from Peugeot ot France J£8,868k Cavalier 1.6 I £7,733 
through its network. (£7450) and Carlton 1.8 1 £9,954 

At the Longhridge, Birmingham, (£9,620). 


Investing in North America: 

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A 







financial Times Monday May 11' 1987 


SPREAD COMPUTER 
POWER MORE EASILY 
WITH ERICSSON. 



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Yesterday, computer power was re- 
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Throughout the company. And most people 
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“Openness”to other systems, to inter- 
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One example: on our new generation 
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Sperry, etc. 

We know that this “openness” is good 
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ERICSSON 


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a,.." 


Financial Times Monday 'May H 



JOHN PLENDER 


H AYING spent the night 
In custody before 
appearing at Bow Street 
Magistrates* Court on Thurs- 
day, Mr Ernest Saunders, 


former chairman and chief 
executive of drinks group 
Guinness, may well have had 
mixed feelings at the head- 
lines in Friday’s newspapers. 
Not the headlines about him- 
self, yon understand; those 
about the former chairman 
of the Lloyd's Insurance mar- 
ket, Sir Peter Green. 

Sir Peter has been fined all 
of £32.500 for mishaps that 
included serious negligence 
and breaches of duty to syndi- 
cate members of Lloyd's. 
According to a Lloyd’s disci- 
plinary committee (and to 
Lord Wilberforce on Sir 
Peter’s subsequent appeal) 
this amounted to discredit- 
able condor/. 

We cannot, of coarse, draw 

exact parallels between the 
fate of the two men. For a 
start, the foil facts in the 
Guinness must await the 
results of the Department of 
Trade inspectors’ investiga- 
tion. Nobody has accused Sir 
Peter Green of seeking to 
pervert the coarse, of justice 
or of destroying or falsifying 


THE MONDAY PAGE 

Lloyd’s and the G * 


docum e nt s t he charges faced 
by Mr Saunders. And every- 
one at Lloyd’s is anxious to 
point out that no question of 
deliberate or dishonest con- 
duct or pursuit of personal 
gain was raised against Sir 
Peter. 

That said, accountability is 
a central issue In both cases. 
And the television coverage 
of Sir Saunders’s uncomfort- 
able Odyssey helped ram 
home, in a way that news- 
paper headlines could sot, 

the considerable disparity 

between the rules and 
remedies that apply to differ- 
ent parts of the business 
co mmuni ty. 

As well as enjoying the 
hospitality of Holborn police 
station Mr Saunders has seen 
his UK assets frozen. He has 
been forced to hand In his 
passport and seek bail of 


The 


hero 


Anthony Moreton meets Nicholas Edwards, Welsh 
Secretary, who is about to retire from Parliament 


S INCE THE May morning in 
1979 that Mrs Margaret 
Thatcher walked into 10 
Downing Street as Prime 
Minister, her Secretary of State 
for Welsh Affairs has been Mr 
Nicholas Edwards. Only one 
other departmental minister, 
Lord Hailsham. the Lord Chan- 
cellor, has had an equally long 
tenure of office. 

Thursday in and Thursday out 
during those years he has 
walked across Whitehall from 
Gwydr House, his London base, 
to sit at the same green leather 
seat around the long oval 
cabinet table. 

He is retiring, he says, at " a 
supremely important moment 
in Welsh history- Perhaps even 
the decisive moment,” He em- 
phasises the point carefully. 

“We have reached the end 
of an era of industrial decay 
and decline that has gone on 
for the greater part of this 
century, the end of the de- 
pendence on the old basic in- 
dustries and the painful effects 
of their decline.” 

Coal and steel, once nourish- 
ing the elite as well as the 
bulk of the industrial work- 
force. are now small beer. In 
their place have come the new 
industries in the high-teeb- 
nology sectors with names few 
have heard of. “ We are now 
at the start of the new period 
of expansion. We have got a 
much more broadly based 
economy which is growing and 

expanding. 

“ When I came into this job, 
eight years ago we inherited a 
pretty difficult situation, the 
consequences of inflation, over- 
manning. a lack of competitive- 
ness, the world recession. In 
Wales, in particular, there was 
a notable lack of confidence, an 
important psychological fact, 
and an image in the rest of the 
world that was wholly damag- 
ing.” 

Hss first fear was that tho 
trend was irreversible. " that wo 
just might go slithering on 
downhill.” 

But since the start of tho 
19S0s, as the British economy 
has picked up steam again. 
Wales has also benefited. There 
is still a lot to be done. Unem- 

S loyment is at unacceptably 
igh levels and now rural Wales 
is facing severe problems 
arising from changes m the 
EC’s agricultural policy. 

For all that. Mr Edwards 
delects dramatic changes. He 
points to the arrival of profes- 
sional organisations in the 
country, especially in Cardiff, 
moves to create a financial com- 
munity in the Welsh capital 
that might, one day. do for 
Wales what Edinburgh does for 
Scotland, the transformation of 


both Cardiff and Swansea, the 
country’s two major cities, over 
the past decade, help for the 
industrial valleys, a broadening 
of the country's cultural life. 

The economic breakthrough 
was a long time coming and he 
pinpoints the last 12 months 
as the crucial period. An inde- 
pendent report commissioned 
for the Welsh Development 
Agency, the quango set up to 
regenerate the Welsh economy, 
showed that, seasonally 
adjusted, employment has fallen 
every month between May 1986 
and February this year, that 
the increase in job oppor- 
tunities. in terms of vacancies, 
has been much faster than in 
the UK as a whole, and that 
in several of today's industries, 
including office machinery, data 
processing, rubber and plastics 
and Instrument engineering. 
Wales has performed better 
than the UK In terms of job 
creation. 

Most important. gross 
domestic product per head has 
risen faster in Wales than in 
the UK as a whole. 

Mr Edwards points to this 
as evidence " that we are going 
to change Wales from a place 
of heavy industry or branch 


0 PERSONAL FILE 

1934 Bam. 

Educated Wertminster ichool 
and Trinity College, Cam- 
bridge; read history. 

196S Member of Lloyd's. 

1970 Entered Parliament as MR 
(Conservative) for Pcmbroke- 
sehire. 

1975-9 Opposition spokesman on 
Welsh affairs. 

1979-07 Secretary of State for 
Wales. 

factories to a place where you 
are going to have the new 
industries attractive to senior 
management and the kind of 
people we want to sec running 
things in Wales.” 

The irony in this change is 
the fact that Mr Edwards, one 
of the Cabinet’s purer Tharcber- 
ites and a man who by inclina- 
tion and background — he was a 
Lloyd's underwriter— distrusts 
the philosophy of government 
intervention, has turned out to 
be something of an old- 
fashioned interventionist where 
Wales is concerned. 

He has fought hard, within 
cabinet, to get a share of every- 
thing that was going. One of the 
six freeports was allocated to 
Wales against all the com- 
mercial logic; three enterprise 
zones (one in his own con- 
stituency); a share of the road- 
building programme; money for 
the arts. 

Does this not denote prag- 


£{jn. And the charges 
levelled at him under the 
Companies Act carry a maxi- 
mum prison sentence of 
seven yean. 

All this before the Depart- 
ment of Trade Inspectors have 
even reported. Some feel that 
the former chairman of 
Lloyd’s has got off lightly. 
Sir Peter Green’s mis- 
demeanours related to a large 
reinsurance policy arranged 
between Insurance syndicates 
under the of bin 

underwriting agencies, Janson 
Green and Crescent Under- 
writing Agency, and an off- 
shore company In which he 
had a personal shareholding. 
This company, Imperial Cay- 
man, was a convenient (and 
presumably tax efficient) 
parking place for syndicate 
funds until they were 
required to offset subsequent 


underwriting losses. 

ImperM Capnum’s faterert 
income between 1976 and 
1983 came to some 32m 
(£L2m). The great majority 
of the money ought properly 
to have accrued to Sir Peter’s 
nimirs fin outside members 
of Lloyd’s who were on his 
syndicates. In practice the 
names received interest cal- 
culated at cnly 50 per cent 
of the return <m 90-day 
Eurodollar deposits. 

Lloyd’s disciplinary com- 
mittee is too delicate to say 
that the names were ripped 
off. But it does argue, on 
the baeis of a comparison 
with another rfuiilor policy 
that was negotiated at arms’ 
length, they should have 
received 75 per cent of the 
Eurodollar rate -in 1978 and 
1979 and not less than 80 
per cent from 1980. The 



committee's report declares 
that the amount they were 
artuidly credited with ’was 
“manifestly inadequate and 
^equitable.” 

Having takes into account 
everything said by Sir Peter 
and on his behalf, together 
with the arguments put. for- 
ward by . a dissenter, the 
majority concluded that the 
former Lloyd's chairman’s 
"repeated failure to perform 
his duty to his names was 
such serious or gross negli- 
gence as to constitute dis- 
creditable conduct.*’ 

Lloyd's also accused Sir 
Peter of providing Incom- 
plete, Inaccurate or mislead- 
ing Information in relation to 
these other conflicts of 
Interest, to which he pleaded 
guilty. And Die committee 
found that bis failure to 
account to the names for the 


. -.f ' 

- -t ; 


#fiS 



: ' r' 






mutism on a Wilsonian scale? 

“Well, I hope I am prag- 
matic,” he says, shifting the 
thrust of the question quickly 
and refusing to be drawn any 
further on a delicate matter. On 
other issues, too, he is not easily 
deflected from the message he 
wants to put across. 

” Perhaps this is a rather un- 
profitable part of the discus- 
sion,” he says at one point, not 
wishing to be asked questions to 
which he has no wish to give 
answers. It is an approach well 
known to his advisers, where he 
is respected rather than liked. 
He has a reputation as a hard 
driver, someone who calls for 
papers early in the morning and 
has his civil servants working 
late at night. 

“ But he has got things done,” 
says a Car diff businessman. 
” It’s not easy to Are people in 
the Civil Service and the only 
way to get efficiency ia some- 
times to give people a good 
dressing down. The Welsh 
Office is a lot more efficient now 
than it was when he arrived.** 

This inner-circle view of him 
as an aloof, arrogant taskmaster, 
resonant with English public 
school accent, is not, however, 
shared by the public at large, 
rather surprisingly since the 
Welsh like their father figuros 
to be folksy. He is almost 
universally known, outside his 
hearing, as "Nick,” even by 
people who have never come 
within a mile of him. 

Among the nationalists he 
has been criticised for concen- 
trating too much attention on 
Cardiff to the exclusion of the 
rural areas, from which the 
nationalists draw most of their 
strength. He counters by 
pointing to finance made avail- 
able for improvements in the 
industrial valleys, for help to 
tourism, for the establishment 
of offshoots of the national 
museum in other parts of the 
country and to the fact that 
” I’ve done more to support the 
(Welsh) language than any 
previous Secretary of State. I 
don’t think that many people 
would challenge that that is a 
fact. 

“By allocating financial re- 
sources whenever there were 
choices to be made, taking 
choices sympathetic to the 
language, we defused the thing 
(the language) as a political 
issue. 

"It has been a delicate road 
because you, on the one hand, 
wanted to encourage the lan- 
guage without doing it in a way 

that makes people feel you are 
forcing it down their throats. 
The language will only survive 
if people w*ant to speak It.” 

Promotion of the arts he sees 
not just as a good in its own 
right hat as part of the attempt 


X : sj 

V.vl- 






to change the image of Wales. 
The Welsh National Opera Com- 
pany has created an inter- 
national reputation and he 
would like to see a centre for 
the performing arts in the re- 
development of Cardiff. 

'Tve devoted quite a lot of 
time to the arts, rather more 
2 suspect than mast secretaries 
of atate. A study of the visual 
arts has been set up and we 
are going ahead with a major 
expansion of the national 
museum 

“ One of . my personal disap- 
pointments is that I have not 
been able to get an absolute 
firm start on a centre for the 
performing arts, but I have gone 
quite a way down the road to- 
wards maldng it possible. We 
will have the theatre actually 
designed and ready to go when 
the money becomes available.” 

But he freely admits that his 
crowning achievement is the 
regeneration of Cardiff’s decay- 
ing docklands into what he con- 
fidently believes will become 
southern Britain’s first city 
after London. 

The Cardiff Bay Development 
Corporation, modelled on work 
undertaken in London and 
Liverpool is a massive scheme 
to bring new heart back into 
what was once known around 
the world as Tiger Bay and is 
now an area of under-utilised 
docklands and old properties. 

" The major steps X have 
undertaken have culminated in 
the South Cardiff project We 
are fortunate in not having in 
f-urtHff some of the more 
difficult problems of urban 
deprivation and racial tension 


that exist in some English 
cities. We also start from an 
immensely encouraging and 
exciting response from those 
whom we have consulted. 

■ “As every week passes we 
get more encouraging signals 
that this could be one of the 
most exciting development 
projects in the country, maybe 
in the whole of Europe. 

“ People in Britain still have 
preconceptions - about Wales 
which are based- on past history 
and past events. They still see 
this as an area almost entirely 
dependent on heavy industry, 
smoking valleys, coal, steel and 
not the sort of place you would 
want to live in and they don’t 
realise that in fact the 
industrial base is quite 
different that Cardiff’s one of 
the most attractive cities in the 
whole of the UK and it’s going 
to have this great project” 

It seems improbable that Ur 
Edwards intends truly to how 


SISZMO that he derived «f 9 
shareholder In his off-shore 
v e ntur es was 4 * detrimental to 
Ms names’ interests," though 
not In view, discredit- 
able. 

By any standards this . Is. 
pretty strong meat Note, 

thoug h , that ttie failure to 
disclose was not regarded as 
detri men tal to the namer. 
interests under .the -1871 
Lloyd’s Act. Sir Ttater was 
only caught on this score 
because his reticence can- 
tinned after the introduction 
of new 'legislation that took 
effect in January 1983. Note, 
too, that the dissenter on the 
disciplinary committee, Mr 
Michael . Lwgton, argued 
that the key allegation 
against Sir Peter concerned 
behaviour that wan common 
practice in the 1970s and was 
not then regarded as serious 


enough to 

creditable or disgraceful 

“SrSwt of o* ** 
as a reminder that LU»F tfs £ 
only now emerghigft*® the 
19th century; and tile «seoi 
Ms former chairman suggest* 
»h»» r even after the 
attempts at reform, Lloyds 
enjoys a much more relaxed 

regulatory environment than 

the rest of the business com- 

his part, Mr Ernest 
Saunders might well feel that 
Che discomfort of the poUce 
ceil and the glare of the 
cameras have been ristted on 
him With a degree of alacrity 
on the part of the Director of 
Public Prosecutions that is 
quite unusual by past 
standards in City matters. He 
may also fee! it to be a singu- 
larly unhappy coincidence 
tti»v in the run-up to an elec- 
tion In which Tory politician* 
are anxious to appear tough 

on Skulduggery the 

police failed to wait for the 
Department of Trade 
Inspectors* verdict. 


The muzzle 
may come off 


out of the Welsh Office affairs. 
“ I really genuinely don’t know 
what I am going to do after the 
election,” he says. “ I don’t 
want to go back into the City 
and I would tike to spend 
perhaps half my working time 
in Wales.” 

Would he like to go to the 
Lords, or does he 6ee himself 
as a commoner? - 

“That’s a sort of difficult 
hypothetical question. Here am 
L 53, withdrawing from, the fas- 
cinating business of govern- 
ment Tm • still sufficiently 
interested in politics and what’s 
happening in this country that 
if one has the opportunity to 
make some contribution in the 
Lords then certainly that would 
be fine and one would like to 
do so.” 

But not he makes clear, im- 
mediately. *Tve had a fascinat- 
ing job for the last eight years 
and it’s time to do so me t h ing 
different” 


T HE PRIME Minister’s 
obduracy in declining to 
set up an independent 
judicial inquiry into allegations 
made by Mr Peter Wright, & 
former MIS officer, that he and 
bis colleagues in the secret ser- 
vices set about destabilising 
the Wilson administration in 
the mid-1970s appears to he 
politically unyielding. 

But the Prime Minister may 
yet be farced to soften the 
angularity of - her stance if pro- 
ceedings currently before the 
High Court to London result 
in the media being released 
from restraints that have 
sought to muzzle them. 

The immediate focus of 
attention is on.. Sir. NUdiolas 
BrowneAVTUrinson, the Vice 
Chancellor, who last -week 
began hearing an application by 
the Guardian and the Observer 
to have discharged orvaried in- 
junctions obtained against them 
last May by the Attorney 
General With minor qualifica- 
tions, these restrain any. pub- 
lication of the Wright memoirs: 
The two newspapers have in- 
creasingly chafed - under - this 
restraint an they have wit- 
nessed the revelatory proceed- 
ings. in the New- South Wales 
court which have exposed the 
variable attitudes of the British 
Government to pubilcation of 
.secret service matter^ 

They were. even. more, per- 
turbed when, their new Fleet 
Street rival, the Independent, 
published a sizeable extract 
from the Wright book on its 
front page a fortnight ago. 

The Instant official response 
of -contempt proceedings 
against that paper and the two 
London publications, the 
London Daily News and the 
Standard, who promptly 
followed suit has done nothing 
to relieve the irritation. • 
Much now depends on the 
tinting of the contempt pro- 
ceedings. 

But while that action was 
pending what price the Hfting 
of the injunctions against, the 
Guardian and the Observer? 
The Vice Chancellor quickly 
perceived that he could not 
properly determine one appli- 
cation without Ac other. ' If 
the newspapers were not held 
to be in contempt then the 
injunctions against the 
Guardian and the Observer 
would fan away. The judge is 
expected today to arrange 
urgently for a joint hearing of 
the two proceedings before 

Those who support the free- ' 
dom to publish must feel that 



JUSTINIAN 


[vote 

alliance 


<y ^ THE ELECTION CAMPAIGN GETS UNDEIM Y IN LITTLE SNOTCHLY. 


& S U 


k; 'A 


VOTE] 

LABOU R 

5515 


this is their best opportunity 
for a favourable ruling. The 
Vice Chancellor has already 
. Indicated his concern at the 
variable attitude of the 
Attorney General; and be is 
known to possess pronounced 
liberal views. 

Given the history of the 
recent litigation, it is difficult to 
discern - any clear-cut, con- 
certed attempt by the Attorney 
General to stifle all potential 
media coverage of the Wright 
memoirs. 

When - last spring the Guar- 
dian and the Observer published 
snippets of (he memoirs, the 
Attorney General moved 
quickly enough to prevent any 
further revelations. When the 
case- . came to- the Court of 
Appeal,' Sir 'John.'; Donaldson 
firmly bolted fhet" particular 
Bom: ah publication of material 
on the secret services. In the 
course of his forthright judg- 
ment upholding the necessity to 
preserve the confidentiality of 
material touching on national 
security, he ottered a firm 
warning to the media generally: 
they should understand that to 
republish the material so far 
disclosed would be to act un- 
lawfully 

No other publisher was made 
specifically the subject of an 
order 1 of the court. Hence to 
publish would not bring into 
play tiie law of civil contempt, 
which is concerned with dis- 
obedience to an order of the 
court. But, in the face of the 
Donaldson- dictum, would it be 
a criminal contempt, in the 
sense that it would he conduct 
obstructing or calculated to 
prejudice the due administra- 
tion of justice? That is the 
crucial question. 

The Attorney General may 
have felt that the Donaldson 
dictum sufficed to warn off any 
editor thinking of a newspaper 
scoop — an d therefore that be 
- did not need to go further and 
obtain orders from the court 
similar to those restraining the 
' Guardian and the Observer. 

The failure to take this pre- 
caution may incline Sir 
Nicholas Bro wne-W illdnson to 
view the Attorney General’s 
attempts to ban publication as 
something less than whole- 
hearted. 

The Attorney General’s case 
is that 4fce Independent and the 
two other newspapers have 
deliberately flouted the spirit 
and meaning- of the court’s 
powers and made it more diffi- 
cult for him to enforce the 
injunctions. Thus (he news- 
papers can achieve in practice 
wbat the law was designed to 
stop them attaining 1 — -namely, 
freedom from legal restraint. 


... for competitive foreign exchange rates. 

Call Malcolm Hume Phcme it»6oo w TH®8SfflNffrm 


6-8 Ibkenhouse TZard. London. ECR2 7AT 



a 





* *l.:v 


financial Times Monday May It 1987 


i 


i 



i 


FEARS AND 







Most bank managers are very good at managing 
banks,- when it comes to helping business, they're not 
always so helpful. 

For instance, some bank managers only take an 


use of the BACS system. Or the Prudential, Marks & 
Spencer and Salisbury Handbags - who all make savings 
through BACS. 

Or Our Price Records- who, with an early 20% equity 


interest in their business customers when they see backing from us, subsequently enjoyed a remarkably 

the possibility of interest accruing from an overdraft. successful flotation on the Stock Market. 

And while you're trying to push forward, with This list could extend well into the sports pages, 

increased profits and productivity, it often seems like but we're sure that you get the idea, 
they're trying to pull you back. If a business is going to be successful, and 

Which is why we introduced Midland . make the most of all its assets, it needs the right 

Business Banking. business banking. 

It's the business side of Midland Bank - and it If you want to hear about bank managers who 

doesn't want 'customers' so much as it wants business understand business, contact your local Midland 

partners. People who have business problems they branch. 

want us to solve; people who can benefit from .... If you want to hear from a bank manager 

the very latest financial *<■!* who doesn't, you'll probably have to wait until 

Businesses as diverse as British Gas Midland y° ur present one sends you a Christmas Card. 

Eastern - who reduced their suppliers' cheque Business Unless, of course, you find yourself in 

handling by 90% by coming to us, and making Banking^ the red before then. 


WE BACK BUSINESS. WE DON’T HOLD BUSINESS BACK. 





















14 


Financial Times Monday May 11 1987 


MANAGEMENT 


EDITED BY CHRISTOPHER LORENZ 


SENIOR managers at Northern 
Telecom, the Canadian telecom- 
munications equipment manu- 
facturer, are th inking hard 
about the strategy which will 
take ft into the 1990s, 

During the past decade, the 
group has been one of the 
phenomena of the US telecom- 
munications equipment market, 
the world's largest, which it 
now dominates with American 
Telephone and Telegraph. Nor- 
thern has built up its US re- 
venues from almost nothing ten 
years ago to $2-S5Sbn last year, 
65 per cent of its worldwide 
sales. 

Northern’s success in the US, 
observers agree, was based on 
first-rate technology and aggres- 
sive marketing. Its progress 
was marked by a number of 

milestones, it sold its first 
digital public switch in the US 
in 1977. ahead of AT&T. It 
broke into the giant regional 
Bell telephone operating com- 
panies with its large digital 
switches. DMS-100 and D MS- 
200. in 1982. 

This positioned Northern per- 
fectly to become a volume sup- 
plier to the regional Bells after 
mhe break-up of the Bell system 
in 19S4. when they launched a 
huge modernisation programme. 

But after the years of head- 
long growth in the US. Nor- 
thern is now faced with two key 
challenges, perhaps the toughest 
Lt has faced in its 100-year his- 
tory. 

• It must build on its US 
strength, at a time when the 
US market is both changing 
rapidly and becoming ever more 
competitive. 

€1 Partly to hedge against 
Rougher times in the US, it has 
to increase its presence outside 
North America: last year, its 
international operations contri- 
buted less than 2 per cent of its 
Sl.OTTbn operating earnings and 
less than 5 per cent of its 
$4.3S4bn sales. 

Edmund Fitzgerald. Nor- 
thern's chairman and chief 
operating officer, sees these two 
objectives as interwoven. "We 
used our Canadian revenues to 
develop the US market, and we 
will use our US revenues to 
develop our international mar- 
kets. Each new market pays for 
the next." 

But to make this vision of a 
global roll-out work. Northern 
has to adapt to the differing 
circumstances inside and out- 
side North America. 

In the US, competition is 
intensifying in Northern's two 
most important products — pub- 
lic telephone switches and ex- 
changes sold to private com- 
panies. 

Spurred on by the break-up 
of the Bell system in 1984. re- 
placement and modernisation 
of telecommunications equip- 
ment has been so rapid recently 
in the US that the market for 
both public and private ex- 


Northern Telecom 


Attempting the international connection 

David Thomas explains why the Canadian telecommunications group most emulate its formula for the US elsewhere In the world 


PAUL ANDERSON, whose 
job is to stupe the outlook 
of Northern Telecom's top 
US managers, operates out of 
Northern’s new management 
development centre in Nash- 
ville, Tennessee. 

The centre was a response 
to Northern’s rapid growth in 
the US. which has seen sales 
there increase twenty-fold in 
the last decade. Northern had 
to double its US management 
team between 2982 and 1984. 
Its US employees have been 
with the company less than 
four years on average. 

M We spent more time 
coping with rhls change than 


changes has now peaked. 

Dataquest, the California- 
based research group, predicts 
that the US public switch mar- 
ket Hill fall from I5m lines 
last year to 11.8m lines in 
1990, less than the current com- 
bined capacity of AT&T (8m 
lines) and Northern <6m). 

Shear son Lehman, the US 
securities firm, warned re- 
cently: “The engine of digital 
sw] tching which drove the 
Northern Telecom of old in the 
earlier days of the 1980s has 
slowed and earnings gains will 
be more moderate." 

Moreover, just as growth 
rates slow, new entrants are 
pressing for a slice of the 
action, adding further pressure 
on prices and margins. Siemens 
of West Germany, NEC of 
Japan and Ericsson of Sweden 
are among the companies 
responding to the desire of the 
large Bell telephone operating 
companies for new suppliers. 

"Most of them are trying to 
find niches and each will have 
some success. They all have 
worthy strategies." says Des 
Hudson, who heads Northern’s 
operations in the US. 

Yet Fitzgerald dismisses fears 
about a diminishing switch mar- 
ket in the US. “ We don't think 
that counting exchange lines is 
the best way to understand this 
business. The value added per 
line is what counts.” 

Northern believes that growth 
in the US will increasingly 
come from two main areas: 
first, sales of non-switching 
products, such as transmission 
equipment which represented 
Just 12 per cent of Northern’s 
revenues last year; second, ser- 
vices and features which are 


manag in g it,” 

admits- 

Northern had traditionally 
decentralised as many deci- 
sions as possible, Anderson 
says, but this approach had 
its limitation when faced with 
rapid growth. 

Managers responsible for 
Northern’s different products 
often failed to think as a 
team, according to Anderson. 
In extreme cases they com- 
peted against each other for 
the same customers. “ The 
market was telling us: we 
want Northern Telecom to 
have one face to the world." 


Anderson continues: 

“Historically, we were a 
champion-oriented, not a 
team-oriented, company. We 
needed to eross-polinate our 
organisation more than in the 

past.” 

The decision to set up a 
management centre in Nash- 
ville was made in 1984 to meet 
that need. IHl then, manage- 
ment training in Northern 
had concentrated on tech- 
nology and products in the 
divisions. “We needed to 
start shaping a culture and 
shaping a personality,” 
Anderson explains. 

The Nashville centre now 


Jays on three types of 
courses, which it calls build- 
ing blocks, for different 
levels of management The 
environment was carefully 
chosen: the colour of the 
rooms — light grey— was 
selected after jsyehological 
testing to find a colour 
scheme which helped people 
to concentrate. 

Senior managers att e n d 
bonding block three, which is 
two weeks long, with about a 
six-month gap between weeks 
one and two. 

The centre’s first task is to 
make the participants, who 


are always drawn from 
Northern's different product 
areas, acutely aware of their 
lack of a common approach. 
“We create tension in this 
process,** Anderson explains 

MlthMjMlrifnlly . 

TnwHTUng in the managers 
a corporate self-image re- 
solves that tension. Anderson 
communicates what he sees 
as Northern’s identity partly 
by contrast with its competi- 
tors: Anderson tells the 
coarse members that North- 
ern is entrepreneurial and 
fast moving, hut AT&T is big 
and bureaucratic. 

After the managers 


Sales breakdown* 



y? 1986 total __ 
US$4 -384 bn 


w 1977 78 79 

* Balance of sales elsewhere in the world 


82 83 84 86 




Edmund Fitzgerald 


added on to the basic exchange 
equipment, such as the move to 
Integrated Services Digital Net- 
work (ISDN) which allows 
voice, data and video to be 
sent over the same public 
exchange line. 

Moreover, Northern argues 
that European and Japanese 
newcomers will be at a dis- 
advantage during this new 
phase because they lack a large 
installed base to which die 
features, services and upgrades 
will be added- 

Francis Mclnerney, an 
analyst with Northern Business 
Information, a New York-based 
telecommunications research 
group, agrees. “ Companies 


are already winking their 
bases.” 

Bringing these factors to- 
gether, Hudson believes, will 
mean that US sales will become 
even more central to Northern. 
They could rise to 70 per cent 
by the end of the decade, before 
falling in percentage terms as 
Northern's push overseas begins 
to bear fruit in the 1990s. 

The overseas operations, to 
which Northern is giving 
greater attention, is the second 
area where Northern must suc- 
ceed. They will account for 15 
per cent of worldwide revenues 
by the early 1990s, Fitzgerald 
asserts. 

Northern has had some noted 


successes in markets which are 
normally considered closed to 
foreign equipment suppliers: 
it has sold packet switch data 
equipment to the West German 
Bundespast; and it has jnst 
started shipping its small 
digital exchange to Japan. 

But Northern, still a small 
player in most markets outside 
North America, has failed in 
some important attempts to 
break into foreign markets. Its 
bid for CGCT, which controls 
16 per cent of the French 
public switch market, was re- 
jected last month. It also lost 
out in the battle to become the 
second switch supplier to 
British Telecom. 


Northern’s lade of visibility 
abroad is partly dne to its 
decision to enter many coun- 
tries through licence agree- 
ments. Its private exchanges, 
for example, are made under 
licence in several European 
countries, including' the UK, 
Italy hnd Sweden. 

Fitzgerald defends this 
decision: “There was no real 
other effective way of penetrat- 
ing the market, because we had 
all our resources aimed at 
getting a major position in the 
US." 

With tiie US goal achieved. 
Northern is now ready to steer 
a bolder course ' outside North 
America, believing that two 


Split Into teams and work oh 
strategies to improve service, 
major account . marketing; 
product planning, design and 
development 

The course culminates in 

the teams presenting action 
plana to Northern’s most 

Senior executives. Northern 

says the results have already 

Stuped Its strategic planning. 

Anderson argues that this 
stress on management train- 
ing was crucial to helping 
Northern cope with its 
emergence as a big company 
in the US. “ We now consider 
management development, to 
be as important as R and D.” 


pressures are breaking up the 
traditionally cosy world of 
European telecommunications: 
the trend to greater liberalisa- 
tion; and the uncertainty caused 
by the acquisition of the tele- 
communications interests of 
ITT of the US by Alcatel of 
France. 

“Everyone in Europe today 
is looking around and trying to 
decide who will survive. It is 
quite clear to all of os that 
there will be rationalisation of 
R&D and manufacturing,” 
argues Bruce Tavner, who 
heads Northern's European 
operations. 

Northern is considering 
acquisitions, strategic alliances 
and direct investment to help 
it seize opportunities in this 
more uncertain European 
world. 

Yet Northern faces a tough 
task.' Although it has sold some 
: public switches in Europe, such 
as to Mercury Communications, 
the fledgling rival to British 
Telecom, it may have missed 
the boat for volume sales of 
this generation of public 
switches in Europe. . 

However, Northern may have 
more success with other pro- 
ducts, such as private ex- 
changes. where it has -already 
made inroads and where it has 
the advantage of having spear- 
headed technical developments 
such as ISDN and Centrex in 
the US. 

“ There's a good chance that 
its position in Europe in ; pri- 
vate exchanges will expand con- 
siderably,” according to Brian 
Toms, an analyst with Kle in- 
wort Grieveson, the UK 
brokers. 


As it expands overseas. 
Northern will stick to the man- 
agerial style which marked its 
growth in the US. This is dis- 
tinctive in mixing, aggression 
and caution in almost equal 
parts. - ' 

• Northern’s aggression in 
technical innovation and mar- 
keting has helped it at times 
to steal a march’ over AT & T, 
its key rival in the US. 

When service to 41,000 cus- 
tomers was cut off after a 
switch was destroyed by fire in 
Brooklyn in February, Nynex, 
the local operating company, 
went to Northern and AT & T 
with the simple question: who 
could instal a new switch the 
fastest? Northern won the con- 
tract with its promise, which 
was - honoured, to get a new 
switch working inside two 
weeks. , . 

“We are more like data pro- 
cessing people in the speed of 
our response and our aggres- 
sion.” Fitzgerald says proudly. 

However, this desire to lead 
the pack has also got Northern 
into trouble, most notably when 
US customers began to ex- 
perience software problems in 
late 1985. The software bugs, 
since dealt with contributed to 
flat figures for 1986 — net eara- 
jngs up 4.7 per cent at 5286 .8m 
on sales up 2.8 per cent at 
$L384bn. 

“We were asked to provide 
a lot of additional features in 
that software and we were 
asked to do it in half the nor- 
mal time,” explains Hudson. 

• Yet Northern is also 
cautious about diversifying out- 
side its core activities. Nor- 
thern remains the integrated 
telecommunications equipment 
producer par excellence, even 
continuing to make telephones 
in the US, a low cost product 
now mainly sourced from the 
Far East. 

Northern was scarred by 
having to make large write-offs 
in 1980 on two data processing 
companies acquired two years 
earlier. Fitzgerald comments: 
“That- tanght us & valuable, if 
painful lesson. Northern Tele- 
com is going to continue to do 
the things it knows best” 

Northern's immediate aim is 
to return to a 15 per cent a 
year growth path, a target 
which Fitzgerald is confident of 
hitting, is spite of scepticism 
among some analysts. Fitz- 
gerald says that improved re- 
sults in 1987 will leave Nor- 
thern close to that target. 

The company's more medium 
term aim is to be still in the 
game when the musical chairs 
of mergers and acquisitions 
among the world’s equipment 
manufacturers finally stops. 

“There is only room for five 
to six truly global players — 
two from North America, two 
from Europe and one or two 
from the Far East" argues 
Hudson. “We intend to be one 
of them.” 



Company Notices 


. -i 




.I/.llv.- Jtogel. Notices 


With Traded Options we’re 
in a class of our own 

In these days of increasing volatility in world markets, 
more and more fund managers have turned to the 
options and futures markets as a means of 
maximising profit and reducing risk. 

In recognition of this development, Savory Milln 
formed a Traded Options Team which now has an 
established and expanding presence in the market. 
Our sales desk offers comprehensive analytical 
advice in addition to an efficient dealing and 
settlement service. 

Institutional investors wishing to find out more 
about this service, or receive a copy of Savory Milln’s 
manual ‘Traded Options Strategies” should contact 
Robin Cohen or Gerald Lowes on 01-638 1212. 

SAVORY 

MILLN 

New City Court, 20 St Thomas Street, LONDON SE1 9RP 

Telephone 01-638 1212 Telex 887289 Fax 01-403 3370L 


FINANCIAL TIMES STOCK INDICES 


GOTCtrnMHK SCO. 
Fixed Interest _. 


Mjq- May May Hay Mjq Am. 1«JB7 

8 7 b 5 1 M H» La, 

GoTCfmmHSccx. _ 93.32 9233 92.66 92.51 91.96 9l_69j 93J32) S4.49 

Fixed Interest 98-25 97.44 97.66 97.48 97-37 96.86 96-25 90.23 

OnBnary 1659.7 1628.0 1640 J 16265 1626-9 1612-0 1658.7 1320 JZ ~ 

Gold Mines 4385 4463 445.9 453.0 444.4 4473 435.0 ZB&2~ 

FT- Ad All Share 106010 1037.97 104133 1031.74 1G32.4S 1023.58 106030 835.48 

FT-SEIOO 2136-Sl 2077.91 208631 206531 206851 2050-51 1680.0 


Since Compilation 
Hjflh Law 

I 127.4 4938 

150.4 5053 
1658.7 49.4 

734,7 435 

106000 61.92 
212651 986T 


THE INDUSTRIAL BANK OF JAPAN 
FINANCE COMPANY N.V. 

1U% Guaranteed Notes due 1919 
ECU 40j000,000 

EARLY REDEMPTION ON 22nd JUNE, 1987 

NOTICE IS HEREBY GIVEN to the holders of the Bonds (the “Bond- 
holders *’) that, in accordance with the conditions of Bonds 
endorsed on the Bonds (“ the Conditions "), IBJ FIN. CO. will on 
22nd june, 1987 (the "redemption date") redeem all of the Bonds 
at 101} per cent of their principal amount together with interest 
accrued to such date (being an aggregate of Ecu 1,12730 for each 
Bond of Ecu 1.000). Payments of principal, premium and accrued 
interest will be made on and after the redemption date in the 
manner provided in the Conditions against surrender of Bonds and 
Coupons No. 3 due on 22nd June, 1987 and all subsequent Coupons 
appertaining thereto at the specified office of any of the Paying 
Agents listed below. Failure to surrender any such subsequent 
Coupon(s) will result in the amount of such Coupon(s) being 
deducted from the sum due for payment on the redemption date. 
The attention of the Bondholders is drawn to the Conditions and in 
particular to conditions 6 and 7 which concun further details 
regarding redemption. 

Fiscal and Principal Paying Agent 

THE INDUSTRIAL BANK OF JAPAN (LUXEMBOURG) SA. 
25B. boulevard Royal 
P.O. Box 68, 2010 Luxembourg 
Luxembourg 
Paying Agents 

CREDIT COMMERCIAL DE FRANCE 
103 Avenue des Champs-Elystes, 75008 Paris, France 
THE INDUSTRIAL BANK OF JAPAN, LIMITED 
Buckiersbury House. Walbrook, London EC4N 8BR, England 
INDUSTRIEBANK VON JAPAN (DEUTSCHLAND) 
AKTIENGESELLSCHAFT 

Niedenau 13-19, 6000 Frankfurt/Main I, Federal Republic of Germany 
KREDIETBANK S A LUXEMBOURGEOISE 
43. boulevard Royal, P.O. Box 1108, Luxembourg, Luxembourg 
MORGAN GUARANTY TRUST COMPANY OF NEW YORK 
Avenue des Arts 35, B-1040 Brussels, Belgium 
THE INDUSTRIAL BANK OF JAPAN FINANCE COMPANY N.V. 
Dated May 11th. 1987 


r SOCIETE > 
CENTRALE DE 
BANQUE 
SUS 50.000.000 
FLOATING RATE 
NOTES DDE 1995 

We inform die bondholders 
dial In accordance with the 
terms and conditions of die 
notes, Soctod Centrals de 
Banque has elected to 

redeem all of its outstanding 
notes on July 6, 1987 
at 10056- 

Interest on die said notes 
will cease to accrue on 
July 6, 1987. 

The notes will be 
reimbursed, coupons nr 5 
due January, 1988 attached 
according to the terms and 
conditions of the notes, 

THE PRINCIPAL 
PAYING AGENT 
SOCIETE GENERALS 
ALSACIENNE DE 
BANQUE 

15, Avenue Emile Reuter 
LUXEMBOURG 


LEUMl INTERNATIONAL N.V. 

US$20 million 
Guaranteed Floating Rate 
Notes 1987 

Series *C" (extendible to 1990) 
The Interest rate applicable to the 
•hove Note* In respect of the six 
month period commencing 11th May 
1987 hex been fixed at 7\% per 
annum. The interest amounting :o 
US$39.83 per U SSI .000 orlncioal 
■mount o I the Noise will be peld on 
Thursday 12th November (gainst 
presentation of coupon No. 14. 

Bank Leu ml Trust Company 
of New Yore 
Principal Paying ApeiR 


Clubs 


his outlived the ethers because 
of a policy of -fair pixy and 
value .for money 
Supper from ICh-330 am. Disco 
and top musicians, glamorous 
hostesses, exciting floors hows, 
189 Regent Street, W1 
01-734 0557 


Personal 


SIXTH ISSUE OF TREASURY BONDS, 
15 MAY 1987 






The 

ksut 
requirements. 

AMOUNT: 10,000 mflEon pesetas, sdhject to xaereaec. 

SECURITIES: 

the event of dx 
DATE Of ISSUE: 15 May 1SS7. 

PRICE: At per, against payment in tell, free of chargesfor subscribers. 
INTEREST: The rate of interest payable on die Bands will be 655 percentage 
points below Benoode Bilbao's disconni rate for 3-yearfiraiidal paper, ahhongi 
the resulting interest applicable mtboBonds win be abject to a minimum rate of 

SUBSCRIPTION: The fbltowingabeaiptioo win apply: 

- Priority atnpOcxtions from Banco de Bilbao shxiDtiaiders from 15 to 25 May 
1SS7. Each iharc holder may in principle appiy to up to 400 Bonds, with anpH- 
ctriotH for snwner numbers being subfoanauatiiieiitoo the barituisfarcesheld 
at 14 May 3587. Should the nnmbe7 otBoach app&edfcr by sbarchaldcra exceed 
tbe ntnri&er on offer, allotment will be made ns foOcnrs: 

-jLgphcttians far up to 400 Bands, in proportion to the total number afBoads 

- Applications for more than 400 Bonds: up to 400 Bonds oo the ebon: baafc ft* 
titejgrtiaa In excess of 400 Bands, in proportion to the number of duets had ac 

- Any remaining Bonds not taken up hr ahatcfaoMcre wiH he offered to the 
general public, wdriect to a marnimwi at 200 Bonds per appficaar, doting the 
period 25 May m 15 June. 

REDEMPTION AND/OR CONVERSION: R ed em ption wiH take place at par 
three yean from the dosing date of issse. cm 15 June 1990. 

However, eariy redemption at the bondholder's option may be teqoested daring 
the period of 30 days from 15 November in each of the yean 1987, 1388 and 1989, 
sub^mcoorenion of the pro ce tt ktdredcigpttoaiiao Banco de B il b ao afiras 
oo the following basis: 

The redemption vahie of die Bonds wSS he their par value, while die conveoton 
price of the shares will be 10% below the lower of: 

(a) The average price of Banco de Bilbao shares on die Bilbao stock exchange 
during the penod 13 October to 33 November for the corresponding year 19fi 
1988 or 1989, 

AND 

fb) The price of Banco de Bilbao shares on the Bilbao stock en&asge on 13 
November (or. if the Exchange were dosed on that day, oo the preceding trading 


November (or, if the gxr Ji a iwr were dosed on that day, oatte preceding traflag 
day) in. the ippikabto year 1!&7 , 3988 or 2589. 

In no eve nt wa l shares be offered below thdr nominal value. 

PROSPECTUS: Copimot the prospeems relating to this lone are available at the 
regist ered, c d floe of fla rode Bilbao at Gra 1^112, Bilbao, Spain, and at the 
four S panish s i iaIl c rd ii ny i < 

Bond* shorddPe^mct 1 ^^?- HE Limited, 45 Beech Street! 

London EC2P2LX or Morgan Gaaran^Bnat Co of New York, Bmtsds prior 

HHl Sawed a Ca Hatted. 45 Beech Street, LONDON EC2PZLX- 



European investment Bank 

U5S 300,000,000 
Floating Rate Notes due 1996 

In accordance wfth the Deaeration of the Note* 
notice b hereto given that for the Interest period 
tom May 7, 1987 to November 9. 19877 
Itie Notes wa cany an Interest rate of 75375% per annum. 

The amount ed Interest payable on the relevant interest 
payment date. November 9, 1987 against coupon rf* wai ha 

The Agent Sank 

(£& KREDIETBANK 

&A. LUXEMBOURGEOISE 


PUBLIC W1AKIW training m speecn 
writing by |Mrd winning sob Ik 
maker. First lesson ftm 01 -MS 6552. 


THE INSOLVENCY ACT, 1988 
IN THE MATTER Of 
DANTRONtCS LIMITED 
(In RECEIVERSHIP) 


> John WlWam Papi. Licenced Insol- 
vency Practitioner of Messrs J. W. 
Pepi & Co- 1, Maddox Street, London 
Wifi SWA. hereby give notice that on 
24th March 1987, I wee appointed 
Adnriefetertiva Receiver of Dnntranlu 
Limited under the powers contained 
in a debenture dated 3rd June 1965 
In favour of Development Enterprise* 
Limited. 

Deted this 24th day of March 1987. 
JOHN WILUAM PAPI. FI PA. 
AdmMatrativa Receiver. 

THE INSOLVENCY ACT, 1988 
IN THE MATTER OF 
8. W. KING 

(CIVIL ENGINEERING) LIMITED 
(lo RECEIVERSHIP) 

I John WiMlem Papi, Licenced Inaof- 
vency Practitioner of Messrs J. W. 
Pep! & Co., 1. Maddox Street, London 
W1R 9WA, hereby give notice that on 
24th April 1987. I was appointed 
Administrative Receiver of G. W. King 
(Civil Engineer, ng) United under the 
powers contained in a debenture dated 
Slat August 1873 In favour of Uoyda 
Bank Pic. 

Detsd thie 27th day of April 1987. 
JOHN WILLIAM PAPI. F1PA. 
Administrative Receiver. 

THE INSOLVENCY ACT, 1968 
IN THE MATTER OF 
COLE CUTTERS LIMITED 
(In RECEIVERSHIP) 

! John William Pap], Licensed Insol- 
vency Practitioner of Messrs J. W. 
PbPi A Co., 1, Maddox Street. London 
W1R SWA. hereby give notice diet on 
-••t. March IBB7. I wee appointed 
Administrative Receiver of Cole Cults re 
limited under the powers contained 
J" •, 18m January 

1962 In favour of Andr6 Cole. 

Dated this 1st day of April 1S87. 
JOHN WILUAM PAPI. FI PA. 
Administrative Receiver. 

THE INSOLVENCY ACT. 1988 
IN THE MATTER OF 
COLE CUTTERS LIMITS) 

(la RECEIVERSHIP) 

I John VVIKtam Papi. Licenced Insol- 
vency Practitioner of Meearg J. W. 

J* “■Wwt Swat, London 

fWA- h ,« l *by give notice that on 
o , 1 wee appointed 

ffbqofc debts of COLE 
CUTTERS" LIMITED under the powers 
“ ntaln * d tea debenture dated Sth 
November 1981 In favour ot Midland 
Bank Pie. 

Dated this 9th day of April 1987. 
JOHN WILUAM PAPI. FI PA, 
Receiver of Book Debts. 


A FINANCIAL TIMES SURVEY 

Banbury & 

North Oxfordshire 

Ti * nt< proposes to 
«" the above on 
TUESDAY MAY 12 1987 

on 021-454 0322 

„ ££ «*w » Mm an 

Goorge House. Georpe Read 
Edabwon, jnrediMhani BIS TPG 

FINANCIAL TIMES 
EUROPE'S BUSINESS NEWSPAPER 
TSa cowant ate* anti publication 
the discretion of the Etfrtor 
detaa of Surveys In the financial 
Tunas are subject to change at 


r 






' 0p HE„ 



Financial Times Monday Hay 11 1987 


• . . “‘ '••I 

L 

•' ... ‘ 'Is 

• /. V.' 1 :. 

• - f» *. V 

• ,’1 S - 





LDorod^Puker. 

. VS writer, critic, wi t 


At a parly, a bored fixing man once 
complained that he could not bear fools. "How 
odd," countered Dorothy Parker. “Your mother 
could, apparently. " 

Wheaasked to use the word horticulture’ 
in 8 salience, she offered, “Ycra can lead a 
horticulture but you caul; make her dunk.* 

Then asked what she thought of a certain 
woman, she breathed, feigning admiration, 

"You know, she speaks eighteen lan guage s — 
and can’t s^y 'No’ in any of them." 

Coffidingwithayxiiige rw M iau hia 
doorway, the latter stood aside, saying, Age 
before beauty? “Pearis before swine,* riposted 
La Parker, gliding through. 

A fnend was upset at having to get rid of 
his cat Dorothy Parker suggested, “Have you 
tried curiosity?" 

Recennfn g a trii yam gimmtnrfag 

another friend’s happy event; she immediate 
cabled back: "Many congratulations. We knew 
you bad it in you." 

And on hearing that President CooEdge, 
a man of few wends and even less action, was 
dead, she inquired, "How can they tell?* 

When she first joined Tire New Yorker 
money was tight So much so that when 
Harold Ross, the editor asked Parker 
shehadn’t come in to write a certain a mu 

piece she replied, “Someone eke / Wli 
was using thepenriL" [ m a^ 


he’d eatfieriejected. Shaw cabled back: "Better 
never than late." 

Shaw, once a music critic, was in a 
restaurant whkh boasted a tone-deaf orchestra. 
Its leader recognised him and sent a note 
asking what he would like them to play ne xt , 
"Dominoes,” replied Shaw. 

Liddell Hart once observed to Shaw, “Do 
you know that 'sumac 1 and ‘sugar’ are the only 
two words in fhe-Engfish language that begin 
with su and are pronounced s/m?" “Sure," said 
Shaw 

And while at a parly, Shaw was noticed 

standing atone in a comet His hosteas 

anxiously enquired if he was enjoying himself 
'‘Certainty’ he replied. "There is no thing eke 
here to eqjoy? 

Another would-be hostess sent Shaw the 
pompous invitation: “Lady Blank wifi be at 
home on lbesday between four and six o'clock.* 
Back it came, bearing Shaw's scribbled reply: 
"Me Bernard Shaw likewise." 

At dinner a young ladx Shaw asked 

whether she would go to bed with a man for 
five hundred pounds. Smirking, die replied 
that it would depend on how good-looking he 
was. "Would you do it for ten bob?” enquired 
Shaw. “What do you take me for?” burst out 
the lady "Wfe have already settled that 
question? said Shaw, matter-of-factlp *AHwe 
are discus sing n ow is the price." 


5. Oscar Wilde. 

Aesthete writer, wit 

Wilde, Eke Churchill, could malm a 
would-be msnfter look quire foolish. Receiving 
bouquets in a theatre fojer one night, he 
suddenly found himself presented with a rotten 
cabbage. He took it, nnilari and "Thank 
you, my dear fellow Every time I smell it I shall 
be reminded of you.” 

At Oxford, Wilde had to tr anslate alood 
from the original Greek, which he did fluently. 
Satisfied, his examiners to stop hfm. “Oh 
do let me go on," he implored, T want to see 
how it ends? 

A customs officer once asked him if he 
had anything to declare. "No. I have nothing to 
declare, 1 * he said, "except my genius." 

Asked his opinion of a truly awful plgy, 
he replied, "The play was a great success — but 
the audience was a disaster.” 

Ihe poet latxreateship was vacant and 
many names, bar that of the very minor poet, 
Morris, were mooted for it “It’s a complete 
conspiracy of tilence against me," Morris 
complained. "What ought I to do. Oscar?" 

“Join it," urged Wilde. 

When someone suggested that he make 
certain alterations to one of his own plays, 
Wilde protested, "Who am I to tamper with a 
masterpiece?" 


During the war, an inquisitive Gestapo 
officer visiting Picasso’s fiat noticed a 
photograph of the famous ‘Guernica’ lying on 
a table. "Did you do that?" demanded the 
German. "No. you did.* said Picasso. 


Picasso went to see his local cabinetmaker 
for a new wardrobe and drew a qnHr^. - 

sketch of what he wanted on a 
sheet of paper. He gave the f Wk*A 
Sketch to the cahinfftraalcer f If 

and asked how much it \ DifitlirP 

would cost. “Nothing at all? \. r 

replied the cr a ft s m a n, “just ^ — . 

sign the sketch.* [ 


What does this 
picture represent? 


performance of the actress playing the role of 
Queen Victoria. His reply was immediate and 
succinct: "I never realised before that Albert 
married beneath him." 

Gilbert Harding snored noisily throughout 
Coward's play and later on apologized. Coward 

— wouldn’t hear of it: “After all. 

s. I’ve never bored you half as 
. iL; a \ much as you've bored me? 



Z Robert BeachkyX^ 

American humorist friend of Parker. 


Winston/rflwere 

married to yortldput f (f you weremy wife, 
poison invoureoffee. X 1 iHdrinkit 


Benchleyako worked an The New \ 

Yorker. Chi being sent to report on a situation \ 
in Tfeoioe he cabled the editor, Ross, 

“Streets full of water. Please advise.* 

Bendiley and Itakershared a small 
office. When asked how small, he said. “One ■ 
cubic foot less of space and it would have | 

c ons t itut ed adultery? 

In a i qiiMilmajy a man Amn nri nil Hl an 

“indestnirtible” watch to Benchlqr and Parker 
by hitting, dropping and stamping on it, only to 
£^itfaaddt^ped..HaybeypnwDund.ittoo ■ 
tight," die friends chorused, j j 

Bemhleyontt mistook a senior Sj 

officer in the US navy for adoannaii asking * 
the man to fetch him a cab* When informed of 
his mistake^ Bendiley said, Teriectiy all right; 
just get me a battleship then." 

A notoriously promiscuous actress asked 

Bencbky to help her in a party game in whidi 

guests had to come up with their own epitaphs. 
Hfc suggestion? *At last she deeps alone.” 

Someone asked Bcndiky if he knew the 
playwright Robert Sherwood, who was 6' T 
tafi. Hopping onto a chair and raising his hand 
to a level just below the ceffing Bendiley 
quipped, "Sure, IVe known him since he was 
this high.* 

At a play which made liberal use of 
pidgin EngMi, Bendiley threatened te would 
walkout if he heard one more line of iL At that 
moment an actress announced, “Me Nuln. 

Nuhi good ^ri. Me stay? Bendiley rose and said, 
“Me Bobby. Bobby bad boy. Me go," and left. 

3. George Bernard Shaw. 

Playwright, critic; sodaEst 

On the subject of an Hi-received play, the 

newfy successful Shaw was cabled by a 

producer now offering to stage the same work. 


Wide and the artist, Whistler, enjoyed a 
^fong-nmnxngfeud, based on Whistler's daim 
^‘ N * N N s thatWQde had plagiarized his ideas on 
art Wilde retorted, “The only 
ty/jfp \ original ideas I have ever heard 
. J him express refer to his own 
, J superiority as a painter over 

y' paintezs greater than himself? 

6. James Whistler. 

US painter, friendly foe of W3dc 

Whistler often got his own back on 
Wilde. On tire one occasion, after a particularly 
scintillating remark from the artist Wilde 
cxdaimed, *1 wish I had said that!" "You will, 
Oscar; you will," said Whistler. 


& Groucho Marx. \ j I 

US comic, maker of snappy remojx^.9.M H 

Marx was as wi]y and direct H 

over money as was Picasso's 
cabinetmaker, lo a letter from Ins 
bank manager offering to “be of 
any service* to him, he replied, 

"steal some money from the account $L^Jj 

of one of your richer clients and credit y 

it to mine." />7| 

He was forthright about sex, too. 

As a game-show host he interviewed a ’gp”' 

mother of twenty-two children. T love 
my husband? she offered by way of 
explanation. T like my cigar, too? said 
Groucho, "but I take it out once in a while? 

Being mistaken for his own gardener one 
day; a nosey woman asked him how much he 
was paid. "Oh, I don’t get paid in dollars? he 
replied simply. "The lady of the house just lets 
me sleep with bet? 

Advised not to try to join a reportedly 
anti-Semitic beach club, Marx replied, "But my 
wife isn't Jewish, so will they let my son go into 
the water tip to his knees?" 

Groucho was in an hotel lift with, of all 
people, a group of priests. One of them 
recognised Groucho and told him that his 
mother was a great fan of his. "I didn’t know 
you guys were allowed to have mothers? 
replied Groucho. 


im 


■ — ^s:,. >.?* v 

hi Mm 


Two hundred 
thousand dollars. 


Imagine a child with ^ — . 

— l I — ' r * iniy body and yourbtains^ 


4. Sr Winston Churdnfl. 

War leader and one-liner extraordinary. 

Churchill was one of the few people to 
get the better of Shaw. The latter invited him to 
the first night of his play, enclosing two tickets: 
“One foryouiself and one for a friend — If you 
have one.” Churchill wrote hack, saying he 
couldn't make it, but could he have tickets for 
the second night — "if there is one." 

A critic once censured Churchill for 
ending a sentence with a preposition. Churdrill 
scribbled the man a note: “This is the sorted 
Engfishupwi&whicblwfflnotput" 

On being told the name of a certain MP 
was 'Bassom*, he said: “I see. Neither one thing 
nor the other.” / 

While on hearing that the Greek premier 
was called Plasteras, remarked, “Wall. I hope 
Ire doesn't have feet of day, too." 

And to a female MP who once rebuked 
him for being intoxicated at a dinner party, 
Chnrcfafll retorted, 'And you, madam, are ugly. 
Butlshanbesobertomoirowf 


A supposed conversation 
i&eMsk between the two having been 
printed in a magazine, 

llB Wftk raMed Whistier; S 

- moddng the article s ( ca 
maccuracy — ^Vhen V 
you and I are together 
we never talk about anything'- 
except ourselves." Whisder 
immediately repEed, "When you 
and I are together we never talk about 
anything except me." 


A snob asked Whisder what 
could have possessed him to have 
been bom in Massachusetts. 1 
wished to be near my mother," 
he re p lied. 

When asked if genius was 
hereditary, he couldn't say. 
"Heaven has granted me no 


A drunk lurched up to Marx, patted him 
cm tire bade and said, "You old son-of-a-gun. 

km _vou probably don't remember 

i me? Groucho 

^ lamsorrysiryou S 

cannot enter tne dining room ) 

Without a necktie. anexceptionr 


s. Entering the Commons 

washroom one day, 

ftltltlWl \ Chnxchin deHberatelytook 

rmurhrain«9 ) vppoa&matihc 
fwirwainsr/ opposite endoftheurinal 

to C leme nt Attlee, who 
•j ^ccd, ’Teeling standoffish today; 

Y are we. Wnston?" “That’s right." 
f countered ChurdnlL Tverytimeyousee 
something big, yon want to nationalize it* 

The young man who photographed 
Km on his 80th birthday said c ourteo usly 
that he hoped to do die same on his 
hundredth. T don’t see wfiy not,” said 
ChurcfailL “You look reasonably fit to me." 

hi alateryear.it was tMtfufly pointed 
out to Churchill that his fly was open. The 


p "Dead birds draft Mont of neats? 

And when a very old man, on one 
of his increasingly rare visits to the House 
of Commons, an MPremaded of him, %flerall, 
they say he’s pcity." They say he can’t bear 
either;’ mattered ChurchilL 


A well-known bore tried to * 
engage him in conversation: “Ybu know; 

Mn Whistler, I passed your house last night — " 
"Thank you," said Whktiet 

Annexed by Whistler's constant self- 
applause, someone remarked pointedly. It’s a 
good thing we can't see ourselves as others see 
us." “Isn't if7“ agreed Whisder, “I know in my 
case Fd grow intolerably conceited." 

Some blank canvases he’d ordered got, 
lost in the post. Asked if they were of any great 
value, Whisder replied, "Not yet, not yeL" 

He had wined and dined ex tr emely well 
at a friend’s house. So much so that he 
promptly fen down the stairs. He demanded 
tire name of his friend's architect. “Norman 
Shan?* he^ was informed. "I might have known it,” 
burped Whistler. The teetotaller? 

7. Pablo Picasso. 

Spanish artist, sculptor and wry wit 

Picasso, like Whisder, despaired of poor 
design, in his case his own. A viator once 
found him stating disconsolately at a painting 
on tire easel so, to cheer him up, said, “ft’s a 
masterpiece.” “No, the nose is all wrong," 
Picasso said, “ft throws the whole picture out 
of perspective." Then why not after the nose?” 
"frnpasable," sighed Pksssp. “I can’t find it” 

An American GI told Picasso he didn’t 
like modem paintings because they weren't 
realistic; then went on to show him a snapshot 

nf liw girHt iftftH . "My, ift flhfe fftally as small as 

that?" asked Picasso. 

Asked why he had none of his own 
paintings on the walls of his house, he repb'ed, 

*T can't afford them." 



A dim-witted impresario, no friend of 
Coward's, blew his brains out When told, the 
playwright remarked, “He must have been a 
marvellously good shot? 

Diana Cooper, who considered herself a 
“serious" actress, saw Coward in one of his own 
comedies and didn’t find him funny. T saw you 
in The Miracle’," riposted Coward, “and I 
thought you were a scream? 

Following a period of little success as a 
playwright. Coward was praised as an actor. 
Tve always said you could act better than you 
write? sneered the critic, Swaffer. “And I’ve ■' 
always said the same about you? said Coward. 

Despite his growing fame. Coward wasn’t 
always glad of it — celebrity has its drawbacks. 
On one occasion, he spent an uncomfortable 
night in a bug-ridden hotel in the Seychelles. 
“May 1 put up a sign reading Noel Coward 
Slept Here*?" asked the manager as his 

___ — - — distinguished and bleary- 

eyed guest checked out 
“Certainly? yawned 

y . C — Ns « Coward, “if you'll add 

one WDn * — fitfully? 

Butyoulethim ^ A reporter asked 

in without his hair! J would you like to say 

something to the 'Star'?" 
— “Of course." the thespian 
replied. Twinkle? 


Harpo’s daughter sent her Uncle Groucho 
two letters. He wrote back, “...as a matter of 
fact I got two letters from you. One was manila 
and tire other was strawberry? 

Warner Brothers threatened legal action 
over the proposed title of his next picture, 

A Night In Casablanca* arguing that it was too 
close to their own ‘Casablanca! Groucho told 
them, *m sue you for using the word ’Brothers!" 

Groucho intensely disliked Columbia’s 
producer, Harry Cohn. One dayhewaswarching 
Cohn’s newest film with his brother, Chico. 
When the words "Columbia Pictures Presents" 
came up, Groucho turned, looked at Chico and 
remarked loudly. “Drags, doesn't it?” 

And asked what he thought of the latest 
Victor Mature/Hedy Lamarr film, answered, 
•You can’t aspect die public to get excited about 
a film where the leading man's bust is bigger 
than the leading lady’s? 


9, Sir Noel Coward 

Terribly, terribty witty actor/playwright 

NoaCowardtoowasquickfospota 
performer taking too much ofthehnrelight At 
his first dress rehearsal a male dancer, not 
having worn tights before, had forgotten to 
wear something under them. Tor God’s sake? 
hissed Coward, “tell that young man to take his 
Rockingham tea service out of his tights? 

Asked his opinion of a play featuring a 
child "prodigy”. Coward remarked, “Two things 
should have been cut. The second act and that 
youngster’s throat? 

Leaving the theatre on another occasion, 
he was asked what he’d thought of the 


10. The Epson PC AX. 

^ j^Ouick replier par excellence; bargain. 

I ' ) Speaking of stars, the 

leading light of today’s PC market 
just has to be the Epson PC AX. It replies a full 
25% quicker than IBM’s newest PC AT. 

The AX is also tire smart answer to the 
problem of quick computers running some 
software unworkably fast. Operating at 6 , 8 or 
10 MHz, the AX will happily run all the 
software you've hitherto been using with your 
slower computer. 

And how, we hear you ask, does the AX 
compare with the IBM PC AT on specification? 
Here's the quick reply: for a start, the AX comes 
with 640KRam as standard, whilst die IBM has 
just512K. 

What’s more, the AX has 7 available 
option slots — more than the IBM. And the AX 
vrill handle up to four disk drives and a total of 
between 20 to 80 mb of hard disk space. The 
IBM can’t. 

All this, yet if you were to ask how its and 
the IBM's prices compare, the AX could 
truthfully retort. They don't? For the Epson PC 
AX will set you bade just £1,999 l+VAT), 
rather substantially less than the IBM PC AT. 

If all the foregoing has rubbed off on you 

a little, now’s your s ZZ v 

chance to try a quick jf ggMHBfflni! 
reply of your own: our 
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call up Prestel *280# /" . „ 35 "\ 

or write to Epson * \ 

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ones to come 

' EPSON 


IS 


THE ARTS 


riaancial Times Monday May 11 1987 


Architecture/Colin Amery 


The Mystery of- Edwin Drood/Savo: 


Japanese waves break over the West Coast 


Michael Coveney 


There is a new sequel to the 
old refrain, "Co West Young 
man it should say, “ Go West 
for the influence of the East.” 
It may just be geography that 
explains it — after ail there’s 
nothing much except the Pacific 
between Los Angeles and 

J.ipan. In both San Francisco 
and Los Angeles the strongest 
architectural and design cur- 
rents are those coming In waves 
from Japan. 

Tokyo Form and Spirit is the 

title of a major exhibition that 
his just triumphantly conclu- 
ded a visit to the San Francisco 
Museum of Modem Art. 

Although this show originated 
in the Walker Art Centre in 
Minneapolis and went to New 
York, the large scale layout in 
San Francisco and the involve- 
ment of the Asian Art Museum 
in that city made it especially 
spectacular. 

It is an exhibition that should 
travel the world, simply because 
in exhibition terms it is so 
highly innovative and enjoyable. 
The best Japanese architects 
play a large part in this evo- 
cation of a city by designing a 
senes of w.* Ik-through environ- 
ments that display six themes of 
modem day life in Tokyo. 

Arata Isosaki'j Performing 
space designed with Elko 
Xshioka is a brilliant parody of 
a Shinto shrine housing a 
column of video monitors, and a 
glass performance platform 
housing 63 televisions constantly 
showing amazing Japanese tele- 
vision commercials. The whcle 
display pays homage to the 
“Wired God ” of video and tele- 
vision. There is throughout the 
exhibition a telling willingness 
:o explore the ubiquitous con- 
sequences of Japan's mastery of 
micro-technology and its con- 
sequences. 

Artists like Hiroshi Hara use 
robotic figures and the pro- 
grammed "flickering diode to 
examine the role of Working in 
com cm po ray Tokyo. The human 
and the mechanical aspects of 
urban creativity arc what this 
exhibition is about. Being de- 
signed by the very best Japanese 
artists, the show also has that 
calmness and abstract order that 
are qualities much admired on 
the West Coast. The hideousness 
of so much of Los Angles — the 
freeway detritus — has at last 
created a demand for austerity 
and order. 

One such oasis is to be found 
at the new Museum of Contem- 
porary Art which opened in 
December last year in a 
building designed by Arata 
Isosaki. It is in the region of 
the sprawl of LA known as 
Bunker Hill or *’ the new down- 
town." The 136 acres of 
redevelopment stretches east of 
the Harbour Freeway from the 
renovated Biltmore Hotel and 
Pershing Square to the Los 
Angeles Music Centre. The new 
museum has been described by 
the architect as “a village 
among the skyscrapers," and it 
is a pretty accurate description. 




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Pvramid-shaped skylights on the Museum of Contemporary Art’s new home in 
the downtown Los Angeles business district 


Anything by Isosaki Is beau- 
tifully composed— he favours 
an abstract base but in 

silhouette and materials there 
are intelligent and intriguing 
historical references. Not for 
nothing is the initial sketch for 
this building reminiscent of a 
range of pyramids surrounded 
by waving palms in an urban 
desert. 

Because of the anonymity of 
its commercial neighbours, 

particularly the bland glass 
cylinder by Arthur Erickson, 
Isosaki selected powerful and 
colourful materials for his 
museum. A strong red Indian 
(from India) sandstone sheaths 
most of the building in alter- 
nating bands of polished and 
uncut stone. To emphasise the 
independence of the museum 
from its neighbours it is broken 
up into several y.vilions and 
parts of some of these are clad 
in panels of dark green 
aluminium with pink bands in 
between. 

Isosaki has also introduced 
a new material that is made in 
Japan, neopariura — a gleaming 
crystallised glass— that looks 
like the most highly polished 
marble. Many of the walls 
where this exotic material is 
used curve and undulate. The 
effect of this highly reflective 
material in the strong light of 
LA is to turn the solid walls 
into walls of water. 

There are some misleading 


things about the exterior. Yon 
expect the huge oversailing 
barrel vault with its onyx win- 
dows to mark the main 
entrance. The form is reminis- 
cent of the Gumma Prefee- 
rural Museum in Japan but 
here it is on a less grand scale 
and just shelters a somewhat 
cute pink and green box that 
dispensed the tickets. 

The main entrance is down 
the courtyard steps — giving 
all the galleries a somewhat 
subterranean feeling. The major 
galleries that are top-lit by 
the pyramids have an excellent 
light but there are some sur- 
prising lapses; the long space 
linking the north and south 
galleries is disappointingly 
tunnel-like. Isosaki has ex- 
plained that his galleries here 
are to be neutral backgrounds 
for modern art installations. 
They have therefore no detail 
of any kind and rely for their 
success on proportion and scale. 
There is an elegance and 
clarity about them — they are 
perfectly conventional, neutral 
adn certainly do not interfere 
with the art. 

The outside of the building 
and the Interplay of materials 
is the best part of this 
museum. By any standards it 
is an important piece of the 
best of modern Japanese archi- 
tecture — the most brilliant 
thing about it is its sense of 
civilised scale in a city where 


that is hard to find In the free- 
way sweep of the public realm. 
Isosaki has made an intelligent 
place that is beautiful. 

It Is worth pointing out that 
the City of Los Angeles has 
acquired this museum for 
nothing — it has been given by 
the developers of the surround- 
ing California Plaza — a gift 
worth $23 m. It is also excep- 
tionally good valne, some 98,000 
sq ft of good space and a very 
high quality of design. 

It is important if you are in 
Los Angeles to visit the other 
half of the Museum of Contem- 
porary Art — known as the 
Temporary Contemporary — a 
former warehouse brilliantly 
converted by Frank Gehry. I 
have to say that this kind of 
raunchy soace really suits large 
scale modern art better than 
the too-smooth “fine art** gal- 
leries. The Temporary Con- 
temporary, for me. brought the 
installed works to life in a way 
that the undoubted elegance of 
Isosaki ’s museum does not. 

In Its determination to con- 
solidate Its status as an im- 
portant city of art LA has re- 
cently opened the large addi- 
tion and first stage of a renova- 
tion programme for the Los 
Angeles County Museum on 
Wilshire Boulevard. It is the 
new Robert O. Anderson build- 
ing that you first see as the 
new doorway to the museum. 
Working to a master plan by 


Benvenuto Cellini/Maggio musicale 


The 56th Maggio musicale 
offered Florence an excellent 
occasion for rejoicing: and for 
the festival's inaugural per- 
formance there was all the 
apparatus of a gala: glittering 
ajdivnre. TV crews, flowers 
generously decorating the 
•auditorium of the Teatro 
Conmn.ik*. 

On il.-.ce. the sort of rarity 
that the Maggie, since 1933. has 
rev.u-d with flair and taste: 
Berl.ic’s Denrrnuto Cellini, last 
s— :n in Italy over a decade aco. 
whim the Covent Garden pro- 
duction visited La Seal a. and 
Virtually unknown to the 


country’s opera houses before 
that. Cellini, after all, was a 
Florentine: an so the Berlioz 
opera, besides being unfamiliar, 
was also patriotically 
appropriate. 

Unfortunately, the opera Is 
also uneven, difficult to make 
coherent: and though this 

Florence presentation had some 
good qualities, it seemed finally 
prolix and ill-conceived. 
Musically, the chief flaw was 
the conducting of the Soviet 
artist Vladimir Fedoseev, pre- 
viously heard here only in the 
symphonic repertory. From the 
Overture it was clear that 


William Weaver 

Fedoseev was bent more on 
superficial effect — volume and 
speed — than on nuanced 
interpretation. 

Sylvano Bussotti designed the 
sets and costumes. After the 
traditional, hnadsome Gioconda 
he created at the Comunale last 
autumn, we could legitimately 
hope he would invent a plaus- 
ible Rome. But, instead, he 
succumbed to a Zeffrelli-like 
elephantiasis, with a silly streak 
all his own. What, for example, 
could have been the point of 
devising an enormous, gilded 
(and, no doubt, costly) version 
of the Cellini salt-cellar, only to 


push it across the stage once, 
aimlessly, during the Roman 
carnival? And why should the 
Pope be accompanied by car- 
dinals wearing pastel shades— 
powder-blue, cerise — like so 
many bridesmaids? 

The libretto of Wailly and 
Barbier may not be a master- 
piece, but the stage directions 
are practical and effective. The . 
producer Elijah Moshinsky 
cbose to ignore them, thus 
making some scenes hard to 
follow (the father's return 
home in Act 1; the double 
appearance of monks in Piazza 
Colonna), and others merely 


Hardy Holzman Pfeiffer Asso- 
ciates the museum is expand- 
ing considerably. These archi- 
tects have had the task of plan- 
ning an enlarged and improved 
circulation that includes the 
original 1960s buildings by 
William Pereira and Asso 
cites, who had designed a 
bland Lincoln Centre for the 
arts, surrounded by a moat and 

fountains. 

What Hardy Holzman 
Pfeiffer have done is to insert 

a powerful wedge of glass 
brick, stone and terracotta 
building into the central space 
between the three original 
boxes. It is like finding a huge 
slice of rich fruitcake sand- 
wiched between three moist 
white sliced loaves. On Wil- 
shire Boulevard the appear- 
ance of the Anderson building 
is an effective section of the 
sort of great Deco/Modeme 
buildings that are some of the 
best things hi Los Angeles. The 
use of terracotta and stone is 
very effective and pleasing. 

The new approach formed by 
this new block leads through a 
long cloistered stadr with the 
names of the donors inscribed 
on dark granite walls behind 
a pooL This is ghastly — like 
a visit to crematorium or jazzy 
war memorial. However things 
improve in the covered court- 
yard and the interiors of the 
new galleries (some 50,000 sq 
ft for 20th-century art) where 
the light filtered through the 
louvred glass bricks on the side 
walls makes for good and io- 
teresting lighting conditions. 

The planning of the galleries 
in a formal enfilade on the top 
floor with tentative detail 
around the door openings is 
effective. Bridges link the old 
and new buildings, and the sen- 
sation of going in and out of . 
the sunshine is agreeable. 
There is an ingenuity that is i 
impressive about this extension 
— it makes the earlier build- 
ings with their good mixture 
of Eastern and Western art 
look incredibly old fashioned 
and dowdy. 

The great event of next year 
will be the opening of the new 
(inevitably) Japanese Art Pavi- 
lion. Mr and Mrs Joe Price 
have donated their outstanding 
collection of Edo period paint- 
ings to be housed in a building 
designed by that wonderful 
maverick architect Bruce Goff. 
It was the last thing he de- 
signed before he died and it 
looks In drawing form as 
though it will be an extra- 
ordinary structure, with sus- 
pended roofs and translucent 
walls. Japan will dominate in 
a way that is Rkely to make 
Hardy Holanan Pfeiffer's. work 
look ponderous. • > 

Los Angeles is undoubtedly 
becoming a city that will have 
to be hagi on any itinerary for 
lovers of things Eastern as weU 
as American. All this activity 
poses quite a challenge for the 
growing Getty. ... 


cluttered, and to no purpose. 
Moshinsky’s own ideas were not 
much in evidence. ! 


Pat Srnythe Award ! 

The Pat Srnythe Trust has' 
given its second annual award : 
for outstanding young jam i 
musicians to saxophonist Julian } 
Arguelles. j 

The award of £1,000 was j 
presented by Ronnie Scott at j 
a concert last week at Univer- 
sity College School Theatre, 
Frognal, NW3. 


Dickens died before complet- 
ing Edwin Drood but not before 
suggesting that the lawyer’s 
clerk Bazzard was a frustrated 
playwright This has prompted 
all manner of theatrical elabo- 
rations on the old stump of a 
mystery and Richard Holmes, 
who prepared this version for 
Joseph Papp and Broadway 
where it won five Tony awards 
in a lean year, goes the whole 
hog and frames the story In 
Victorian music halt 

The actors teem through the 
Savoy shouting for volunteers 
to take votes at the end of the 
show and hailing customers in 
the galleries. This terrible brou- 
haha yields Ernie Wise as the 
chairman of the Music Hall 
Royale introducing the charac- 
ters and informing us that our 
votes will decide who murdered 
Edwin. 

The adoption of roles allows 
for mugging and gesticulation 
but not for much in the way of 
laying down motivation. If you 
treat the evening as a panto- 
mime and vote on a hunch or 
because you preferred one per- 
former to another you may feel 
satisfied. I found the proceed- 
ings so much of a mess, the 
mechanics so tawdry, that voting 
far anyone was out of the ques- 
tion. The company is allowed to 
declare that Edwin is murdered 
and not missing, at which point 
Julia Hill's limelight-grabbingr 
male impersonator storms off 
the premises only to return as 
a risen Lazarus spreading for- 
giveness and pious sentiment 

Many Droodlsts, notably Leon 
Garfield who completed the 
novel seven years ago, have 
made Edwin’s uncle John 
Jasper a schizoid precursor of 
Jekyll and Hyde. Mr Holmes 
paints him thus and David Burt 
adds a vampiric touch not 
unlike the Phantom’s occupa- 
tion of the innocent soprano in 
Leroux and Lloyd Webber. The 
best song (words, music, even 
the orchestrations, are all by 
Mr Holmes), “Moon fall" reveals' 
Jasper turning lupine at the 
keyboard while his pupil Rosa 
Bud. Edwin's fiancee, obeys his 
musical whim. 

There is a poisoned operatic 
romanticism to this item, but 
the musical style elsewhere is 
stuck in an old-fashioned no 
man's land between music hall 
and the D’Oyiy Carte, so at least 
the London producers have 
found the right address. Ernie 
Wise shuttles us pleasantly, 
with the odd geriatric gag 
thrown in, between a picture 
book cathedral town and the 
opium den in London run by 
the - Princess Puffer, where 
jasper is treated to an . 
orgiastic dream of sex and > 
murder peopled with naked : 
harpies and stoned Pan people 



v ■ 


r * u 

- V - •“ * - 

'\**g*/. • 




Alattair Muir 


who crawl out from under his 
eiderdown. 

The estimable Lulu is Puffer 
and we have far too little of her 
for my money. The role was 
sung on Broadway by Cleo 
Lalne and although Lulu has a 
much rougher voice, its range 
is big enough to encompass 
some severe demands upon it 
And she has a delightful stage 
personality. 

The Landless brother and 
sister prove more problematical. 
The murder of Neville is cut 
and Helen, at least in the First 
Night version, has an . unex- 
plained lisping accent veering 
between stage Indian and 
Spanish. The biggest mystery of 
all in Dickens is the late arrival 
in CSoisterham of Hatchery and 
his carious bedroom habit of 
notching up private memoes in 
his cupboard. You will have to 
vote on the Identity of Datchexy; 
then on who murdered Drood; 
and finally on whichcouple live 
happily ever after — quite, im- 
plausibly; we saddled Puffer 
(scrappily identified as : Rosa’s 
grandmother) with Phil Rose’s 
earth-larding alcoholic Stone- 
mason Durdles. . _ 

Bazzard, always longing for 


larger parts and deserving bis 
chance in the likeable shape of 
Paul Bentley, is a thespian 
whose wages hardly cover the 
train fare from Peterborough. 
The chairman has to take over 
Mayor Sapsea from an indis- 
posed colleague while, in real 
life, the American Patti. 
Cohenour stood in most ably for 
Sarah Payne. 

This is not so much an adop- 
tion as a musical jape and not 
very much of a transatlantic 
response to the RSC's Nicholas 
NicJdeby. It- is alleged that 
there are 700 alternative end- 
ings which I take to be an ad- 
mission of the enterprise’s weak- 
ness. Why bother solving the 
mystery at all if you can just 
arrive at any old conclusion ? 

Wflford Leach's direction is 
sloppy at the edges and the 
choreography by Graciela 
Daznele is ordinary. The band 
is Strong under the musical 
direction of Jae Alexander, and 
a word of commendation for 
Bob Shaw’s receding perspec- 
tive designs and colourful pro- 
scenium tabs and flats. The 
sound system needs attention, 
as does audibility among the 
singing principals. 


Leila and the Wolves/Channel 4 


The very existence of Leila 
and the Wolves (tonight, 
Channel 4, 3.0 pm) is a triumph 
of artistic ambition over seem- 
ingly insurmountable odds: a 
full-length feature film written 
and directed by a Lebanese 
woman, implicitly offensive to 
every political faction in the 
Middle East, yet filmed on loca- 
tion in Syria and Lebanon. 

The British Film Institute 
and other Western co-producers 
showed courage and imagina- 
tion in backing this Arabic- 
language scenario, which 
assumes some knowledge of 
20th-century Middle Eastern 
history: problematic for western 
viewers even in tonight’s sub- 
titled version, especially as the 
film lacks a central story line. 

Helny Srour, the director, has 
justified this on the grounds 
that "those of us from the 
Third World have to reject the 
ideas of film narration based on 
the 19th-century bourgeois 
novel with its commitment to 
harmony. Our societies have 


Edward Mortimer 

been too lacerated and frac- 
tured by colonial power to fit 
into those neat scenarios." ■ 

That is cant -".Neat, 
scenarios ” are and always were 
an artistic device, not an exact 
portrayal of social reality. But 
the artist is free to do without 
them, provided he/she has 
something else to hold the 
public's attention — and Heiny 
Srour does. 

Her theme is that women have 
been the unsung heroines and 
martyrs of political conflict in 
Palestine and Lebanon, -from 
the 1920s to the present This 
is Illustrated in a series of short 
sketches, all using the same 
actors and all conjured up by 
the female lead (Nabila 
Zeitouni) to refute the remark 
of her boyfriend (Rafic Ali 
Ahmed) that “ women played no 
part in politics in those days ”. 

The most attractive of these 
sketches Is set in a Palestinian 
hill village during the Arab re- 
volt of 1936-39. A briadl proces- 


sion is used as cover for a gun- 
running mission to the rebels 
under the noses of the British 
troops, with the luckless boy- 
friend cast as a native police- 
man in khaki shorts: M wbat a 
handsome man 1 Such a pity he 
is a traitor . . ." The picture of 
Palestinian folk culture with its 
traditional music, costumes and 
humour is so charming that one 
feels real sadness at its 
approaching destruction. 

Later scenes are set in the 
Lebanese civil war, implicitly 
shown — without speling out 
who are goodies and who bad- 
dies — as the continuation of 
tiie Palestinian conflict Now 
girls join in the fighting 
directly. The men accept them 
as comrades-in-arms, yet con- 
sider them thereby dis- 
honoured, unacceptable as 
brides. The traditional order 
with its instiutionatised oppres- 
sion of women lies shattered. 
But a new order in which they 
would be truly emancipated 
seems as far off as ever. 




JMk National 
wj\A Westminster ! ! Music 
IrwF Bank PLC 


Arts Guide 


Music/Monday. Opera and BaRot/Tuesday. ThM&a/Wednes- 
day. ExhibWons/Thursday. A selective guide to aU the Arts 
appears each Friday. 


May 8-14 


LondonPhilharmonic/Festival Hall A 

David Murray 


NatWest announces that 
with effect from 
Monday, 11th May, 1987, 
its Base Rate 
is decreased from 
9.50% to 9.00% per annum. 

All facilities (including regulated consumer credit 
agreements) with a rate of interest linked to 
NatWest Base Rate will be varied accordingly. 

41 Lodi bury London ECLP 2BP 


Travelling b\ air on business? 


Esjin leading vcwoMwlimcniaiy cupy of ihc FmanajJ Times when vou 
a:; : ravelling iMi vcbcdukd ilighu front ... 

. . . Amsterdam n i th 

EmuSi Ain»av«. Canadian Pacific Air. KLM. Lufthansa. Pan-Ant. 
Singapore Airline*-. Thai Aim acs Inlcrna: iunal 

. . . Eindhoven - Roarrdam with 
NLM 

FINANCIAL TIMES 

‘ Eucmy ■« Puu/u-^Nc^rMrrr ' 

■ ■ ! t juhtlal 


Halle Orchestra conducted by Stanis- 
law Skrowacewski with Walter 
Klein, piano. Mozart and Mahler. 
Royal Festival Kail (Mon). 
(928 3191). 

Dietrich Fischer-Dieskau, baritone, 
with Hartmut Holl, piano. Mahler. 
Queen Elizabeth Rail (Mon). 
(928 3191). 

London Symphony Orchestra conduct- 
ed by Jeffrey Tate with Kyung-Wha 
Chring - violin. Beethoven and 
Brahms Barbican Hall (Tue). 
(635 6891). 

Jacques Lousier. Royal Festival Hall 
(Tue). 

London Symphony Orchestra conduct- 
ed by Neeme Jarvi with Jan- Erik 

Gustafson, cello. R achm a n inov, 

Tchaikovsky and Frokofviev. Barbi- 
can Hall (Tfcur). 

Dietrich Fischer- Dtedtaa with Hel- 
mut Holl, piano. Wolf. Queen Eliza- 
beth Hall (Tfaur). 


Ens emb le Orchestral de Paris with 
Philippe Entrenwnt, conductor and 
pianist, Philip Bride, violin: Rossini, 
Viotti, Mozart (Mon). Salle Pleyal 
(4561 0630). 

Baroque Musk: AUessaadro Scarlat- 
ti's □ Trionfo DeUDnore (Mon), La 
Chapelle Royale conducted by Phi- 
lippe Herremreghe-PUrCtEL Bach 
(Tue). TMP-ChateJet) (4233 4444). 

Orcbcsoe and Choir Paul Kucntc 
concerts for the young aged be- 
tween 7 and 77 years - Calm el, 
Samt-Saeas. Prokoviev (Tue). Saint- 
Severin church. (4563 7935). 


Emile Nao ma o ff piano: Ravel, Rach- 
maninov, Schumann (Wed). Rwllg 
Gaveau. (4562 M7IJ. 

Baroque Musk: Lully's Akeste in con- 
cert version conducted by Jean~ 
Qaude Malgoire (Thur). TMF- 
Chatelet (4233 4444). 

Orchestra National de France conduct- 
ed by Vaclav Neumann: Mahler’s 
Symphony no 5 (Thur). La VUette^ 
La Grande Halle. (4249 7722). 

Organ Recital by Michele Guyard: 
Boyvin. Haydn, Saint-Saens, Schu- 
mann (Thur). Saint-Louis de la Sak 
petr i ere ChapeL (4524 1516), 


WEST GERMANY 

BerOn, Philharmonic: The Berlin Phil- 
harmonic Orchestra, conducted by 
Edo de Waart, Mozart and FJ gT . 
(Wed). 

Munich, Philharmonic im Gastedg 
Kill tureen tram: The Baltimore Sym- 
phony Orchestra under David Zin- 
tnwn , Schumann and Prokofiev. 
(Tue). 

Frankfurt, Bavarian Radio Symphony 
Orchestra, conducted by Sir Colin 
Davis, Haydn and Berlioz. (Wed). 


NETHERLANDS 

Amsterdam. Concertgebouw. Marie- 
Jeanne Dufour conducting the Neth- 
erlands Philharmonic, with Olga 
MertLnova. violin. Herre-Jan Ste- 
genga, cello, and Alexander Wareo- 
berg, piano: Beethoven, (Tue). 
(71 83 45). 

Utrecht, Vredeshtsg: MarieJeaomr 
Dufour f- nuriiw-fring tfi » Netherlands 
Philharmonic, with Olga Martinova, 
violin, Herre-Jan Stegenga, cello. 


and Alexander Warenberg, piano: 
Beethoven. (Thur). (31 45 44). 

Maastricht, Cultured Centrum. The 
Concertgebouw Chamber Ensemble 
with Jaap van Zweden, violin, and 
Anke Anderson, harp. (Tue). 
(21 33 00). 

GrouingBa, Oosterpoort The Amster- 
dam Baroque Orchestra conducted 
by Ton Koopman: Heydn, Mozart. 
(Thur). (13 10 44). 


Milan , Teatro alia Sw»ia* Carios Kleib- 
er conducting Mozart *nrf Rrahms. 
(Moo). (809 126). 

BoJo^na, Teatro Conmnate: Beethoven 

conducted by Roberto Abbado. 
(Thur). (529 999). 

Borne: Chiese di S. Agnese in Agone 
(Piazza Navona): Gonfakme Cham- 
ber Orchestra (with violinist Pas- 
quale Pellegrino), Vivaldi. (Thor). 
(8875952). 


VIENNA 


Bazoo Leonaido Geflmr, piano. Mo- 
zart, Schumann. Beethoven. Liszt 
Musikverein. (Mon). 

Vienna Bofourg Orchestra. Waltzes 
and light opera. Eonzerthass Mo- 
zart SaaL (Tue. Thn i). 

Vinna String Quartet. Mozart, Eder. 
Dvorak. Muaikveroa Brahms ft»«t 


by Anthony Bramah. Fuerst Stem- 
Hz, Mozart Schubert 

SaaL (Thur) 

Vkana Symphony Oi thutu 
«d by Hoist Stm with Ranprise 


Guye. cello. Reger. Sutermester, 
Franck. Musikverein. (Thor). 

MW YORK 

Carnegie Hall: Canterbnry Choral So- 
ciety and Orchestra. Charles Dodsly 
Walker conducting. Mahler (Mon); 
Philadelphia Orchestra. Riccardo 
Mnti concha-ting, Jessye Norman 
soprano with Choral Arts Society of 
Philadelphia directed by Sean Dei- 
bter. AU- Berlioz programme (Tne); 
Cleveland Orchestra. Christoph von 
Dohnanyi conducting. Rudol f Ser* 
kin piano. Mozart, Bruckner (Wed); 
Coll eg iate Chorale. Robert Bass con- 
ducting. All-Mozart Programme 

^Concerts (IBM Gallery): 
Dover Chamber Orchestra. TTawfUi. 
Holst and others. (Wed, 22 30). 58th 
& Madison. 

New York Fhnhanaonie (Avery Fisher 
Hail): Andrew Davis conducting, 
Cbe-Uang Lin violin. Mussorgsky, 
Tchaikovsky, Prokofiev (Tue); Giu- 
seppe SinopoK conducting, Gidon 
Kremer violin. Gabrieli, Bag, Schu- 
mann (Thur). Lincoln Center. 
(874 2424). 

WASHINGTON 

National Symphony (Concert HaH): 
Rafael Fruhbeck de Burgos conduct- 
ing, Jose Feghall piano. Stravinsky, 
Liszt, Beethoven (Tne); Rafael Froh- 
bedc de Burgos rnndnptrng, Birgit 
Finfiae contralto. Mahler fUmr). 
Kennedy Center. (254 3778). 

CHICAGO 

Chicago Symphony (Orchestra Hall): 
Sir Georg Solti co nducting MaMa* 
(Wed, Thur). (483 8U1). 


"With Klaus Tennstedt out of 
action still, the LPO has been 
lucky with its substitute con- 
ductors. A week ago the young 
Franz . . Welser-Mfist (not 
“ Wesler,” as .misprinted in my 
review) led a cultivated and 
moving performance of Brahms’ 
Deutsches Requiem; and on 
Friday the veteran Sir John. 
Pritchard took over the 
scheduled Strauss and Schubert 
with resounding success. 

The Strauss was Don Quixote, 
his ’‘Fantastic Variations on a 
Theme of Knightly Character.” 
The guest cellist for Quixote 
was Heinrich Schiff. abetted by 
the LPO's own Rusen Gflnes as 
the viola Sancho Panza. (The 
advantage of a tone poem over 
an opera was immediately 
apparent: each of those excel- 
lent performers happens to look 
like natural casting for the 
other character.) Schiff lavished 
as many thoughtful subtleties 
on his part as he would on. say, 
a Beethoven sonata, and -so 
much committed fervour that 
amid his pizzicato "drop of 
water” (after the knight has 
suffered a ducking) he broke a 
string. 

Pritchard waited good- 
humouredly during the ensuing 
repairs, and took up the music 
again without any drop in con- 
centration. He bad begun it 
most ingeniously — a little wan 
and woozy, almost fragmented: 
distracted Quixote to the life! 
Thereafter, the energetic varia- 
tions got full value, but always 
within the overall character of 
gently troubled musing. Dull 
critics used to be sniffy about 


Strauss’s muted-brass sneep. 
which caused conductors to 
play them down and render the 
episode pointless. Not 
■Pritchard, whose LPO sheep 
were delectably funny, inspired 
Goonery. 

Coming not long after a tame, 
tidy Schubert Ninth by the 
English Chamber Orchestra, 
Pritchard’s sounded at first a 
little overblown — not much 
piano, loose ensemble In wind- 
chortling, string-figures liable 
to disappear under the brass. 
Gradually one realised that tw 
performance was none the less 
exercising a trmendous grip, 
vital and almost brutal. A 
’’Bravo!” from the Grand Tier 
after the Scherzo was startling, 
but weZl deserved; and the 
Finale was towering, relentless 
and formidable. 

38th. Bath International 
Festival 

The 38th Bath International 
Festival win run from May 22 
to June 7 and feature music, 
musicians and art from both 
Russia and Italy. 

Among the Sovtiet artists 
appearing will be the bass 
Paata Burch uladze, and piano 
duo Victoria Postnikova and 
Gennadi Rozhdestvensky. 

■ From Italy will come the 
Orchestra de Camera da Padova 
and H Nuovo Quartetto. Teatro 
Gioca Vita (Commedia delT- 
arte) and the young leading 
dance company, Ater&aiieao. 

Thirty galleries from all over 
Britain will contribute to the 
Contemporary Art Fair ( May 
22-25). 


i 





17 


financial Times Monday May 11 1987 


Bait 1 was featured on May 6th. 



American Brands, Inc. 


American Bands is a worldwide holding company with two core 
businesses — packaged consumer goods and financial services. 1986 
sales were a record S8.5 billion and net income was $365.3 million, 
or S3. 18 per share. 

. American's subsidiaries produce such well-known products as ftU 
MaD. Carton. Lucky Strike and Threyton cigarettes. Sunstune cookies 
and cra c ke rs . Master kicks, Jim Beam bourboa. Tidmt, Pomade and 
Foot-Joy golf products. Swingline staplers and Jragcns lotion. Service 
bashkases include Pinkertons sccnriiy aod Franklin and Southland file 
insurance. 


North American 
Companies 






CSX Corpora 


CSX Corporation is much more than a railroad, it's now a full service 
transportation company offering One-Stop Shipping (SM) by nil, 
b ar ge, track and enntama* ship. Early this year; the company's purchas 
d Sea-Land Corporation won approval, which means that CSX service 
now aides the globe. With Deny S13 trillion in asaets, CSX ibo 

» business groups in energy, properties and technology, adding 
i to its principal mupartadan groapi 



Headquartered in Haifa, Israel. Elbit Computers Ltd. 

(NAS D AQ : Ft -R TF) is a technology-based company, applying advanced 
electronics systems, products and services to business Qp punuu tties in 
(fr fww wilt i ndustrial M giwmiMW and P o tTmicii i nl 

customers. Fiscal 1986 revenues were S169.4 million while pre-tax 
income was $22 millioa. a 19 percent increase over die previous yean 
Export sales repr esen t e d 55% of total revenues. Backlog at year-end 
was $254 millioa. for the first nine months of fiscal 1987, ended 
December 31, 1986, consolidated revenues were SU7 3 million and 
income before taxes am o unte d to S15.6 million. 



Engelhard Corp. (NYSE:EC) 

1986 net earnings increased 25% on the strength of new specialty 
chemical products, market share gains and improved operating 
efficiencies. Dividends were increased during the year and again, more 
recently, in conjunction with a three-fur-two stock split. 

In its Annual Review 1986, EngelkmTs commitment to advanced 
technologies is documented in customer case histories w ith 32 leading 
companies. 



Federal Industries Ltd. 


Fodend Industries is a dhrasified maaagenHtf company, headquartered 
in Winnipeg, Canada, and involved in a variety qf raame s ses f rom 
mmtifactnnng to trampoHWkm and distribution to specialty retaiBag— 
throughout North America. 

In 1986, for the firat time in the Company's history, sales exceeded £1 
btlfion. More importantly, net income and fully diluted earnings per 
share grew far the third, year in a row. 


- • 


19 $\'.c 'tvv I'A'O .»■' r<\n 

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■y'.x.. ii hr ) : j 

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W r- • P 

* > J-i; j c~ \. jjjrii - ?. 

ft -.0.' 

..r.iili of that \>tt 




''■j . <■' :■■■ - 3 


* ’ ■„■* • . A .*-;f 


• r .- 


- . 



Federal-Mogul Corporation 

Federal-Mogul Corpanrion. headqu ar te red in Southfield. Michigan, is 
a manufacturer and worldwide distributor of products that range from 
precision puts for the transportation, farm equipment, construction and 
manufa ct u ring Industries to aerospace and electronic components. 
Shares of this $942 million co rp o ration are traded on the New ISA and 
Rrafic Stock Exchanges. 



Georgia-Pacific 

1986 was a v r « r of solid nerfbnnance for Gcoreia-Pacific. Net j irwnf 
rose 58% over 1985 to S296rm11ioiL Sales reached S7.2 bfflioa as 
compared with S6.7 billion tire previous yean In the fourth quarter the 
dividend increased to 25c per mare. And we con tinu ed to i m p rove 
productivity and upgrade our product mix. Send for more good news in 
our annual report, m prist or video. 



Inco Limited 


Inca I imitrd is (he noa-communist world’s leading producer of nickel 
and a substantial producer of copper; precious metals and cobalt. In 
addition, loco is the world's largest supplier of wrought nickel allays as 
well as a leading manufacturer of blades, discs, rings and ocher forged 
and precision-machined components m-vi** from special alloy material^ 
The Company is also a major producer of sulphuric add and liquid 
sulphur dioxide, and has other interests in metals, venture capital, 
mining equipment manufacturing, and engineering and technology 
sales. For 1986 Inco reported nee sales of $1,452 million (U.S.). 





LAC Minerals Ltd. 


LACs 1986 Amnul Report contains a medal section tided 
M A Strategic Approach to Mining". Ir gives hmghts into the business 
and philosophical aj^Hueb on which LACfe cnccess has been ___ 
founded . . . success ™ lwahntec pmda c rr fl n nf mom than one million 
ounces of goW in the past five years. The Report also provides 
tiwnrilM tefamrarinn on lyerarions and cxpkgarion actiyiliea including 
prodoctiaa and reserves figures. LAC Minerals ii a major North 
American gold producer with, interests In pladnam^aliuhim, 
tiniestnpe, oil md gaa. 



Magna International Inc. 

Magna International Inc. designs, develops and mamrfactures a tfiveoa 


ongtnal equipment manufacturers. 

Our unique cor p orfi c caknre allows Magna to make abetter product fix 
a better price; and (bat in turn has given ts continued growth averaging 
30% annually in sales and profits. 

In 1986 eanringc increased 24% to $47 .3 nrillion. 

Tbo Company has more fcan 85 facilities in North America and one 
In WestGammy. Magna is a public canpaay. la class A shares are 
listed on the Tbconto Stock Exdangc and with NASDAQ In the 

United States. 



Masco Corporation 

MASCO CORPORATION, a UNIQUE GROWTH COMPANY with 
leadership market posi tioos , has reported 30 CONSECUTIVE YEARS 
OF EARNINGS INCREASES. Sains and earnings during this period 
have increased at average, annual compound rates of approximately 
20 percent. 

Manf-n wiamrfnrfnr ac Rnilritng and Home Impro vement Products awrl 
Home Rmusbmgs and Other Specialty Consumer Products. 

Send Ibr oar 1986 Annual Report to learn why, we believe, Mascot 
earnings will continue to grow at an avenge an nu a l rae of 15 to 20 
percent ammally over the next five years, with our sales in 1991 
approaching or exceeding $3 billion. 


Rut cf 3 page s cries appearing May 6th, 7th and 8th. 


Please send me the following Annual Reports: 


‘I also want these annual reports which featured May 6tfa and will feature on May 8th. 1 


NUOC 


□ 13 American Brands, Inc. 

□ 14 CSX evaporation 

□ 15 Elbit Computes Ltd. 

□ 16 Engelhard Corp. 

□ 17 Federal Industries Ltd. 

□ 18 Fedetal-Mogui Corporation 


□ 19 Georgia-ftcific 

□ 20 Inco Limited 

□ 21 Kraft, Inc. 

□ 22 LAC Minerals Ltd; 

□ 23 Magna International Inc. 

□ 24 Masco Caparatioa 


□ 01 American Brands, Inc. 

□ 02 American Express 

□ 03 Ameritech 

□ 04 Ametek 

□ 05 Amfec, Inc. 

□ 06 Bank of Montreal 

□ 07 Bell Canada Enterprises Inc. 

□ 08 Bombardier Inc. 

□ 09 Carter Organization, Inc. 

□ 10 Charter Medicri Corporation 


□ 11 Comsat 

□ 12 Crossland Savings, FSB 

□ 25 American Brands, Inc. 

□ 26 Masco Industries 

□ 27 Nova, An Alberta Corp. 

□ 28 Pegasus Gold, Inc. 

□ 29 Placer Development Ltd. 

□ 30 Provigolnc. 

□ 31 Reynolds Metals 

□ 32 RJR Nabisco, Inc. 


□ 33 Rqyex Gold Mining Corp. 

□ 34 Ibnka Corporation 

□ 35 Transamerica Corp. 

□ 36 Hiton Energy Corporation 

□ 37 Trizec Corporation Ltd. 

□ 38 Unicorp Canada Corporation 

□ 39 Lincoln National Corp. 

□ 40 McDonald* Cap. 


ForifiM 

Address 


Country 


Please return coupon by June 30, 1987. 


To: Daniel Russell, Financial Times 

Bracken House, Cannon Street, London EC4P4BY, U.K. 


On Brian Richardson, Financial Times 

14 East 60th Street, New York,' NY 10022, U.SA. 






IS 


Financial Times Monday May 11 1987 


FINANCIAL TIMES 

BRACKEN HOUSE. CANNON STREET, LONDON EC4P4BY 
Telegrams; Flnantimo, London PS4. Telex; 8954871 
Telephone: 01-2488000 


Monday May 11 1987 


onus is 




THE SOUTH African election 

result comes as no source of 

comfort for the Republic itself 

or for the region as a whole. 

The surge of support for the far 
right deals a severe blow to 
the slim hopes that the ruling 
National Party would revive the 
stalled reform process, while 
the likelihood that Pretoria will 
play an even more aggressive, 
destablising role in Southern 
Africa increases. President 
P. W. Botha may continue to 
talk of reform but the record 
of the lasr two years and the 
nature of the election campaign 
calls into question his commit- 
ment. 

On the face of it. President 
Botha achieved a parliamentary 
triumph, increasing his party's 
strength from 126 to 133 in a 
178 member house. But further 
consideration may suggest that 
by calling the election the 
President has made a second 
fundamental misjudgment in 
his efforts to resolve the 
country's political crisis. The 
first was his introduction in 
19S4 of a new constitution 
which created a tricamera] par- 
liament with separate chambers 
for whites, Indians and 
coloureds (non whites). This 
rebuff to black demands for a 
place in a national legislature 
helped fuel the unrest that 
gathered force that year. 

The 1987 campaign by the 
National Party-, offering no 
realistic constitutional outlet 
for black aspirations, has simi- 
larly antagonised blacks, who 
last week stayed away from 
workplaces and schools in the 
largest protest the country has 
seen. Even the moderate Chief 
Mangosathu Buthelezi, who saw 
the voters in Natal shift to the 
right ->□ a clear rejection of the 
multiracial administration the 
Zulu leader bed advocated for 
the province now speaks in 
apocalyptic terms about the 
probable conflict ahead. 

Black aspirations 

Within the National Party it- 
self Sir Botha may prove to be 
a liability- For those who fear 
the far right challenge at the 
next election, due in 1989, the 
President’s association with 
reform — albeit limited — may 
be a disadvantage. For those 
in the party who advocate 
change. Mr Botha would not 
seem to be the appropriate 
leader. Either his heart has 
never been in meaningful re- 
form. or the man who said that 
South Africa must adapt or die 
lacks the courage of his con- 
victions. 

The prospect, however, that 
white politics is now going to 
be dominated by a National 
Party bankrupt of Ideas as to 
how to meet black aspirations. 


and looking over its shoulder 
at far right parties, who, in 
winning nearly 30 per cent of 
the vote, doubled tbeir electoral 
support, augurs 111 for South 

Africa. 

Hopes that defectors from 
the National Party, such as 
Dr Denis Worrell, could 
form a moderate alliance 
with a strengthened Progressive 
Federal Party and the business 
community have been dashed. 
Such an alliance may yet 
materialise, but clearly Its time 
has not yet come. 

Racial confrontation 

The outcome of the election 
does not make matters any 
easier for Western govern- 
ments, whose influence on 
Pretoria has always been 
limited. The selective econo- 
mic sanctions imposed by the 
West last year were designed 
not to cripple the South African 
economy but to send a clear 
message to Mr Botha, about 
Western repugnance for apart- 
heid and to reflect the growing 
doubts in Western capitals 
about his government's com- 
mitment to change. In the wake 
of the election there is likely 
to be growing debate about the 
merits of that strategy. Some 
will argue that the only pro- 
per response to developments 
in South Africa is to keep turn- 
ing the economic screws. Others 
are claiming that sanctions 
have helped drive whites back 
into the laager from which they 
may have been slowly emerg- 
ing. 

It may turn out that there is 
little the West can do at this 
stage at least to help avert the 
in South Africa. But Western 
governments can help amelio- 
rate the potential consequences 
for the black-ruled states in the 
region by assisting them to re- 
duce their transport and trade 
links with Pretoria. 

Britain Is already contrl- 1 
buting to this by supporting the 1 
Southern African Development 
Co-ordination Conference, the 
association of nine countries 
which has made transport 
rehabilitation a priority. Britain 1 
is also assisting Mozambique, 
whose railways and pons are ; 
vital to the strategy, Train an , 
army which is defending those j 
facilities from attacks by rebels ; 
who continue to win backing, i 
official or otherwise, from | 
South Africa. 

In the last analysis the ball 
is in Mr Botha's court. It can 
only be hoped that his election 
victory will encourage him to 
return to the process of reform 
which he himself once advo- 
cated and which seemed to pro- 
vide a path to a negotiated 
solution to his country's 
problems. 


An imaginative 
recycling plan 


FINANCE MINISTERS meet- 
ing this week in Paris under 
the auspices of the OECD can 
be under no illusions about the 
health of the world economy. 
The OECD, like other fore- 
casters, Jus revised down Its 
already modest growth projec- 
tions. The dollar remains 
fragile despite a rising interest 
rale differential in its favour. 
Chronic trade and international 
debt difficulties remain un- 
resolved. Never has an imagin- 
ative strategy for tackling these 
interlinked problems been more 

urgently required. 

Policymakers seeking con- 
structive solutions should 
examine the proposals put for- 
ward in Tokyo last week by 
Dr Saburo Okita and his col- 
Jcaguci at the World Institute 
lor Development Economics 
Research. The report. Mobilis- 
ing International Surpluses for 
World Development, urges the 
Japanese Prime Minister to 
consider a much more ambitious 
recycling of the trade surplus 
than he proposed in Washing- 
ton a fortnight ago. Mr Nak.v 
wne talked of new untied loans 
to developing countries worth 
f 2*>t>a over three years; Dr 
Ok:ta euggusts than $l25bn over 
five years is closer to what is 
needed. 

Global perspective 

The t rider report takes tho 
view That the sire of Japan's 
surplus is much less important 
than how it Is spent. From a 
global perspective, tho pressure 
oc Japan land to a lesser extent 
West Germany) to stop fanning 
protectionism by saving too 

much is slightly irration.il. Zt 

makes sense only within the 
narrow frame of reference of 
industrialised countries 2nd 
ignores the fact that the debtors 
of the Third World are being 
forced to transfer resources to 
the rich north because new 
Joans are falling far short of 
repayments of interest and 
principal. 

The attack on excessive 
saving in Japan is thus occur- 
isg against a backdrop of an 
acute shortage of capital in the 
Third World. A sizeable reduc- 
tion in the unsustainable US 
trade deficit is certainly desir- 
able; the point to remember is 
that this docs not entail on 


equal and opposite reduction in 
the Japanese and West German 
surpluses. Within reason, there 
is a way for these countries to 
avoid what they see as excessive 
domestic reflation and to con- 
tinue to rely on export-led 
growth: they can finance a move 
into sizeable deficit on the part 
of developing countries. 

Magnetic pull 

Dr Oklta and his colleagues 
do not think Japan should try 
to reduce its current account 
surplus (forecast at slightly 
over S80bn in 1987) below 
about $50bn for the foreseeable 
future. But they do think that 
at least S2Sbn a year should be 
ear-marked for developing 
countries. Capital, however, will 
not flow of its own volition to 
the Third World. 

There are all kinds of j 

obstacles: new lending is seen 
as extremely risky because of 
the huge overhang of old debts, 
direct investment by companies 
is impeded by legal and political 
constraints, and portfolio in- 
vestment Is circumscribed by 
the volatility and tiny capitalisa- 
tion of bourses. On top of this, 
US markets exert a magnetic 
pull — last week Japanese in- 
vestors were again bidding 
aggressively for US Treasury- 
bonds despite months of cur- 
rency and capital losses. 

The diversion of foreign 
capital away from the US would 
be a much better way of forcing 
Americans to live within their 
means than protectionism. The 
question, however, is whether 
finance ministers are willing to 
pay more than lip service to 
ambitious plans to recycle the 
surpluses to the Third World. 
The under study argues the 
cose for the setting up of a 
special trust fund, for explicit 
government guarantees on loans 
to the debtor countries, for 
interest rate subsidies, for a 
bigger role for the World Bank 
and the IMF. and for a decisive 
reconstruction of the overhang 
of old debt. 

None of these proposals is 
likely to appeal to finance 
ministry officials, but that does 
not mean they should not be 
considered by the politicians. It 
can sometimes be riskier to da 
nothing than to do something. 


CAN AMERICA MAKE IT ? In the first of a series, Guy de Jonquieres and Anatole Kaletksy 
seek reasons for the dramatic decline in American industrial performance 


The enemy 
within 


l ITER almost a century as 
the world's pre-eminent 
x ^industrial power, the US 
Is being forced to acknowledge 
that its period of unchallenged 
leadership te over. 

In an increasing number of 
sectors it is being relegated to 
the role of follower. For a 
nation which has long taken 
for granted its place at the 
centre of the economic firma- 
ment, the psychological blow 
has been profoundly unsettling. 

“There is a deep anxiety in 
our country that something is 
wrong," says Senator Max 
Baucus (Democrat), a co- 
founder of the congressional 
caucus on competitiveness, a bi- 
partisan forum created to legis- 
late cm economic and trade 
Issues. “This is all new to us. 
We always assumed that our 
products were the best, that 
we were the envy of the world. 
Now we're losing jobs, we're 
buying all these products from 
Japan and we are being beaten. 
But we have seen the enemy 

and he is us." 

The persistence of a huge 
trade deficit which, in dollar 
terms at least, has been slow 
to respond to the steep devalua- 
tion of the past 18 months, Is 
only one index of the malaise. 
For many Americans, the most 
telling evidence has come from 
watching one domestic industry 
after another battered by inten- 
sified international competition, 
above ab from Japan and the 
Pacific Rim. 

In the manufacture of basic 
steel, motor cars, machine tools 
and many categories of con- 
sumer products, the US has been 
forced into disorderly retreat 
and, in some cases, surrender. 

Despite such setbacks, the US 
rate of unemployment is still 
among the lowest in the world. 
But the shock of seeing their 
proudest industries humbled 
and their national Treasury 
descending into debtor status 
has drawn Americans' attention 
to disturbing features in their 
economy’s enviable record of 
job creation as welL 

For the new jobs have been 
created at the expense of a 
dismal record of productivity 
growth and a marked decline in 
living standards. Indeed, pro- 
ductivity and living standards, 
rather than budget deficits or 
trade, are coming to be recog- 
nised by businessmen, politi- 
cians and labour leaders as the 
two vital components of the 
competitiveness issue. 

In the past 10 years, business 
output per man hour has grown 
by a meagre 0.9 per cent a 
year. Although productivity 
has increased rather faster, it 
has failed to keep pace with 
Improvements m key com- 
petitor economies. With the 
collapse of the dollar, America's 
per capita gross national pro- 
duct, the broadest measure of 
the country’s International 
economic standing, has for the 


first time fallen behind Japan's 
to say nothing of the richer 
European nations such as West 
Germany, Switzerland and 

Sweden. 

Most dismally of aH for 
individual Americans, real 

earnings fell dramatically in 
the late 1970s and have shown 
no recovery since as jobs have 
shifted from manufacturing to 
service sectors. 

But if the vision of a 
Industrial economy 
around services is hardly allur- 
ing, neither can the US take 
refuge in the assumption that 
Its superiority in high- 
technology will win the day. 
a worsening high-technology 
trade balance, the dispute with 
Japan over semi-conductor 
memories and demands by 
American microchip companies 
for government support under- 
score the extent to which the 
US has been obliged to concev? 
technological parity or even 
advantage to Japanese and 
other rivals. 

“ The only US high- 
technology industry which has 
unambiguously maintained Its 
competitive position in recent 
years is commercial aircraft," 
says Mr John Alic of the Office 
of Technology Assessment, a 
research agency of Congress. 

In the short-term, the dollar's 
sharp fall has provided many 
American industries with a 
much-needed respite. But In the 
longer run whatever competi- 
tive benefits they are able to 
recoup will be preserved — and 
living standards safeguarded— 
only if a way is found through 
the productivity bottleneck. 

The alternative will be for 
the US to leave the exchange 
rate to take the strain and to 
accept a further erosion of real 


interest lobbies, often with 
widely differing objectives. It 
is as readily invoked by both 
the Reagan Administration to 
justify free trade and laissez- 
faire policies as by proponents 
of protectionism and greater 
government intervention. 

It is, in any case, question- 
able whether Washington can 
do much. Even the champions 
of protectionism concede that 
“ unfair " trading by Japan and 
other countries has little or 
nothing to do with the long- 
run staganation of US produc- 
tivity growth. 

In any case, many of US 
Industry's most intractable 
problems have more to do with 
deeply ingrained attitudes of 
mind, management methods 
and working habits than with 
policies which can be changed 
at the stroke of a pen. 

Its severest handicap is a 
long history of tunnel vision. 
While comfortably entrenched 
in their vast domestic market, 
relatively few American com- 
panies bothered to look over- 
seas. either for customers or 
for new Ideas. 

Professor Robert Hayes of 
Harvard Business School puts 
most of the blame for flagging 
competitiveness on manage- 
ments. “Many of our indus- 
tries became completely closed. 
They bought from the same 
suppliers and served the same 
customers. They tacitly agreed 
to compete on the basis of 
design, advertising and finance, 
not on technology or manu- 
facturing.” 

Nowhere has American 
industry lagged more notice- 
ably than in manufacturing. 
The country emerged from the 
Second World War as the fac- 
tory of the world but now finds 



Falling share of world trade 



incomes, which have stagnated 
since 1973. In short, It will be 
condemned to settle into the 
pattern of gradual decline set 
by Britain earlier this century. 

This unenviable dilemma has 
stirred up a voluble debate in 
Washington on national com- 
petitiveness. Earlier this year. 
President Ronald Reagan de- 
livered a 1,000-page opus on the 
Issue. 

But whether anybody other 
than the pulp and paper indus- 
try will be much better off is 
doubtful. Competitiveness is an 
imprecise and elusive concept, 
easily appropriated by special 


itself burdened with ageing 
capital stock and a legacy of 
management concepts and 
practices which, in some cases, 
can be traced back to the 
T model Ford. 

“Everything in America is 
in a time warp. The trouble is 
that all the figuring out how 
to make things was done in 
the 1920s,” says Ms Elizabeth 
Haas, a manufacturing expert 
with management consultants 
McKinsey. 

In many companies, manu- 
facturing and production 
engineering were relegated to 
the status of poor relations by 


corporate headquarters pre- 
occupied with financial manage- 
ment and marketing: Capital 
investment programmes were 
driven mainly by the need to 
retool for new product cycles 
or to add capacity, and very 
little by the quest for 
increased efficiency. 

These deficiencies have left 
US industry wide open to 
attack by Japanese companies 
which were not only much more 
efficiently organised on the fac- 
tory floor bat, still more impor- 
. taut. saw manufacturing as a 
vital strategic function inti- 
mately tied in with product 
design, development and 
engineering. 

After the triple blows of the 
1979 oil the 1981 reces- 

sion and tile Japanese import 
invasion, many US industries 
were finally shaken out of their 
complacency and recognised the 
need for change- 

For some, chiefly larger com- 
panies, the initial answer was 
to plunge headlong into factory 
automation. General Motors, 
GE and IBM have, since the 
late 1970s, all been working ou 
ambitious plans to modernise 
and re-equip their plants with 
technologically advanced manu- 
facturing systems. 

So far. the results have been 
mixed. GM was far too optimis- 
tic about the benefits which 
high-technology could yield on 
its own and underestimated the 
practical problems of applying 
it GE and IBM have both 
suffered from downturns in the 
market for the products made 
hy their showpiece plants. 

Many other companies are dis- 
covering that substantial effi- 
ciency gains can be made with 
with little or no spending on 
fancy automation. As Ur 
Thomas Graham, president of 
USS (formerly US Steel) main- 


tains: “We run our business 
to make money not to brag 
about oux equipment." 

At USS, plant closures, re- 
duced raw- material costs and a 
onion agreement on flexible 
working practices won after a 
bitter strike last year have cot 
the man hours needed to make 
a ton of steel to four from more 
than 10 in the early 1980s. 

Even parts of the machine 
tool industry, devastated by a 
collapse of demand and severe 
import competition in the early 
1980s, are showing renewed 
signs of life. Cincinnati Milar 
cron, one of the largest manu- 
facturers, has rebuilt profit and 
turnover by cutting staff in its 
traditional activities and ex- 
panding successfully into areas 
including plastics machinery, 
robotics and lasers. 

Since Ford and Chrysler ran 
into serious financial difficulties 
several years ago, both have 
re-evaluated manufacturing 
operations across the board. A 
drive to cut costs and . raise 
quality bu s led to extensive 
reorganisation of working pat- 
terns, tighter inventory control, ■ 
revised relationships with sop- ; 
pliers and much closer links 
between design and production 
engineers. 

Their efforts have been re- 
warded with dramatic profit 
recoveries and evidence that 
they have narrowed the 
Japanese lead in costs and pro- 
duction quality. “In the past 
three to four years, we have 
probably achieved about half 
of what It took Japan 20 years 
to do," says Mr Bill Scollard, 
Ford's vice-president of manu- 
facturing. 

The key question, however, 
is whether this rate of pro g ress 
is fast enough. Though Ford 
and Chrysler have won acclaim 


for the design of their latest 
models, their product develop- 
ment times and costs are almost 
doable those of their top 
Japanese competitors. 

Furthermore, there is some 
evidence that many of the gains 
by US industry so far have begn 
achieved by tacklin g the easiest 
problems, and that making fur- 
ther progress may be an uphill 
struggle. GM, for instance, 
faces growing shopfloor re- 
sistance to plans to introduce 
a "teamwork" system of rotat- 
ing Job assignments, a step 
which the company considers 
crucial to improving produc- 
tivity and quality. 

If the erosion continues 
there is a danger not only that, 
despite the weaker dollar, the 
trend among larger companies 
to source components overseas 
will accelerate, but also that in 
the longer term the US will 
gradually lose a vital skill base 
which will be extremely diffi- 
cult to rebuild. 

The realisation is neverthe- 
less, growing that fundamental 
changes in the structure of the 
world economy and trading 
system have undermined .the 
advantages which the US once 
enjoyed, and that many of the 
problems of adjustment with 
which it is grappling are deep- 
rooted 

The resources America can 
draw on are huge, and with 
enough persistence and deter- 
mination its Industry stands a 
fair chance of reversing decline. 
In some areas, it may yet re- 
establish its former competi- 
tive excellence. But the days 
when the US could count on 
being first in every field In 
which it chose to compete are 
gone for good. 

7 At smrhs will continue an Wed nee- 
dey-s Mwugemmt Peg*. 


Let sleeping 
dogs bark 


In all the rivers of newstype 
which have flowed since last 
Thursday, nobody seems to have 
noticed the one local election 
issue that would surely have in- 
terested Sherlock Holmes. This 
is the dog that didn't bark — 
the Conservative proposals to 
abolish local rates and substi- 
tute what even Mrs Thatcher 
now calls a poll tax. 

The fascinating thing about 
this is that both Labour and 
the Tories regard it as their 
own secret weapon. Labour has 
listed it as pan of the secret 
agenda which is supposed to 
chill the blood of potential Tory 
voters. The Tories are both 
amused and offended; so far 
from being secret, it mil be 
introduced with fanfares in 
order to tempt those who might 
otherwise vote Labour. 

This is all very unsatisfactory 
for those in the City wbo like 
to think they have some inside 
information on the election out- 
come — or even those like 
Gavyn Davies of Goldman Sachs, 
who bas put a lot of work into 



“They're crying out for 
rosette makers at the 
moment" 


Men and Matters 


a sort of computerised David 
Butler, and put it all on a disc 
which clients can feed into their 
own computers. If there is a 
joker In the pack, one must 
know whose it is. 

A friendly mole has ex- 
plained some of the technicali- 
ties. Labour seems to assume 
that any proposal to swap a pro- 
gressive tax for a poll tax must 
create many more losers than 
winners. The margin is red. 

Wrong. Rates are based on 
such moth-eaten valuations that 
it is pretty much an even trade- 
off; and if half the electorate 
gains from the change, but less 
than half at present plans to 
vote Tory, then there seems to 
be a clear blue margin. 

This could be wrong too, 
though: because it may be very 
difficult to persuade large 
households, and especially poor 
ones, to register to pay the tax. 
If that happens on any large 
scale, you suddenly get more 
losers than gainers after all 
Put that on to your disk, Mr 
Davies. 


Statistically 

corrupted 

For all the celebrations in the 
stock market, and the televi- 
sion talk of surprising results, 
one man claims that he knew 
it all along. 

The vote in the local elec- 
tions last week was actually 
closer to the opinion poll fore- 
casts than it strictly had any 
business to be, according to 
Bob Worcester of Mori. All 
parties scored within 1 per 
cent of their poll ratings, while 
the polls only daim to be 
accurate within plus or minus 
2 per cent. 

We all get much too excited 
about the polls, he explains 
—for the umpteenth time. 
Everyone, for example, says 
that they are highly volatile; 
but allowing for the margin 
of error, they do not even show 
a trend. The last eight national 


polls all fit an actual Tory vote 
of 42 per cent 

Journalists are paid to get 
excited, and Worcester does not 
really expect to pat a stop 
to punditiy; but he does get 
angry about the City’s reactions. 

It’s not just that markets 
over-react to news about the 
gap between the parties (which 
can change by as much as 8 per 
cent within the normal error) 
but they do not seem to be 
above attempted bribery, or 
successful invention. 

Attempts to buy poll results 
ahead of broadcast or publica- 
tion are so frequent that they 
are now an occupational hazard. 

And in 1983 there was a small 
financial earthquake as a result 
of rumours of a coming poll 
(favourable to Labour) which 
did not exist at all There was a 
similar rumour, though with 
less striking financial results, 
last week. 

Worcester dearly regards this 
kind of thing as the pollster’s 
equivalent of insider trading, 
and complained to the Stock 
Exchange last time round. He 
was told that the market is that 
kind of place, and boys will be 
boys. He Is still shocked. 


Red knight’s move 

As media tycoons go. Owen 
Oyston doesn't yet rank with 
the Rupert Murdochs or Robert 
Maxwells of this world. 

“Tm only a little media 
baron," says Oyston, wbo is 
involved in cable television and 
commercial radio. Yet it looks 
increasingly likely that the fate 
of the new left-of-centre news- 
paper, News on Sunday, lies in 
the hands of this self-made 
multi-millionaire— the sort of 
ran Mrs Thatcher so approves 

Unless Oyston, who built a 
chain of 100 estate agents in 
thet north-west into a business 
worth £30m before selling out 
recently to Royal Assurance, 
pays for a relaunch, the news- 
paper Labour activists have 


dreamed of for years will 
probably collapse before the 
general election campaign is 
half-way through. 

“ X believe there Is a need for 
a radical paper which win give 
a view of life and social and 
political issues which is 
different from the establish- 
ment view," says Oyston, a life- 
long Labour voter but not a 
member of the party. 

Oyston, who will have to put 
up about £3m to safeguard the 
newspaper’s immediate future, 
believes its survival is 
important to highlight the 
effects of de-indnstrialisation 
and unemployment in the 
north. 

“The paper Is an exciting 
way to advise Mrs Thatcher that 
there is a ned for selective in- 
vestment in the north in a con- 
sistent way," he says. 

However, be says be is not 
prepared to pour money down 
a hole m the ground, and all his 
business experience suggests 
you cannot have a good product 
without good profits. 

When he took over Radio 
Aire in Leeds, the station had 
lost £Lm in three years. It is 
now profitable. 


Personal vote 

Quite off the generally political 
character of today’s column, 
I cannot resist this addition 
to the Observer compendium 

of double-speak character refer- 
ences. This one comes from 
Malta. 

" Any employer will certainly 
find, as I have, M, — will in- 
variably perform all his duties 
to his entire satisfaction.” 

Or perhaps that isn't quite 
as non-political as I had at first 
supposed. 


Mod cons 

In addition to our normal 
house-finding services,” a 
rrey estate agent has advised 
_ clients, “we are now able 
to offer selected bachelor flats 
and attractive bed-sisters at 
realistic rentals.". And some 
ground-floor flats no doubt have 
“'rench widows, too. 


Observer 







Expansion 

Management Buy-Outs 
Start Ups 

These are only part of the wide range 

of merchant banking services offered by 
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If you would like to discuss Gresham's 
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BiD Ireland, Gresham Tknstp.Lc, 

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0 Ka 


Financial Times Monday May 11 1937 


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YOU WOULD probably expect 
a Defence White* Taper from a. 
British government led by Mrs 
Margaret Thatcher to be both 
hawkish and dogmatic,, and you 
would be right - This year's, 
version is a fairly extreme 
example of the genre, so doubt 
because election time is here 
again. , ■■ 

At all events, it contains a 
large ingredient of party 
politics, with one little essay 
criticising the defence policy of 
the Alliance parties, and two 
little essays criticising Labour. 

Some element of party' 
polticking is understandable. 
The unilateralist posture of the 
Labour Party wmild represent 
such a fundamental break with 
the defence policy that has been 
pursued by governments of both 
left and right, since the Second 
World War, that the Ministry 
of Defence is entitled to under- 
line the fact. 

It is entitled to argue the 
case that Nato cannot dispense 
with nuclear weapons for its 
defence. And it is entitled to 
argue against a reduction- in 
the commitment of US forces 
to the defence of Europe. Even 
if such a reduction is not ex- 
plicitly part of Labour’s plat- 
form, there is no doubt that 
there are people on the Euro- 
pean left who query the Ameri- 
can contribution to Europe's 
security; and there is a strong 
possibility that Labour’s anti- 
nuclear defence policy, if im- 
plemented, might lead to a 
reduction in the American 
co mmi tment to Europe. 

More unfortunate is the dog- 
matic little essay claimin g to 
prove, yet again, that if Britain 
is to have a nuclear deterrent, 
there is no eoriceivable alter- 
native to the Trident D5 sub- 
marine missile system being 
acquired from the US. A cate- 
goric assertion of this kind is 
out of place, since the techni- 
cal case for a particular 
weapons system cannot possibly 
be as absolute as that; and the 
main argument against Trident 
is not technical, bat political. 
But let it pass— this is a pre- 
election period. 

But the really disturbing 
section in the -White Paper is 
the first essay, called; **70 
Years On: A Country or a 
Cause? ” This purports to be a 
detached dismission of the 
policies and postures of the 
Soviet Union, to see whether, 
despite the innovations artro- 
duced by Mr Mikhail Gorba- 
chev, it is still as much- of a 
threat to our security as ever. 
The portentous antithesis and 
leaden alliteration of the title 
betray both the tune and the 
conclusion. 

"What is , the ■ Soviet Union 
today?” It asks sternly. "Is 
ft a country with values and 
concerns much as our own — to 
live in freedom. and pro s perit y 
and in harmony with its neigh- 
bours? The friendly face that 


Foreign Affairs 


A devilish plot 
and a drumroll 
by the men of 
the ministry 

By Ian Davidson 


Soviet leaders' under Mr Gorba- 
chev present to the world has 
encouraged some to take that 
view. Or is it an implacable 
opponent bent only on increas- 
ing tin influence at the expense 
of Western Interests and 
values? Which of t hese two 
pictures is nearer to the 
truth?” 

No prizes are offered for 
guessing the answer to that one. 
The Minis try does make a small 
concession to the spirit of open 
inquiry, however: 

“ It is important that we try 
to understand what Soviet aims 


the British, French, Austro- 
Hungarian, Ottoman or Spanish 
empires, nor to draw attention 
to what became of them. 

Next we have a reference to 
Communist ideology and a quo- 
tation from Lenin: "Socialists 
cannot, without ceasing to be 
socialis ts, b e opposed to an 
war. Only after we have 
overthrown, finally and 

expropriated the bourgeoisie of 
the entire world... will wars 
become impossible.” Your 
scholar does not underline the 
fact that this quotation, from 
1916, antedated both the Revo- 
lution and the Soviet Union’s 


No useful purpose is served 
by pretending that safety 
consists in relying on 
the simplicities of the 
world before Gorbachev 


and intentions are because they 
must in some degree determine 
our own policies.” The phrase 
"in some degree” seems 
altogether too grudging; but the 
Ministry thinks we cannot be 
too careful, and must guard 
against any danger that there 
has been a change for the better 
in Soviet objectives. 

Then we get a re-run of the 
tired old paradigm: the Soviet 
Union is just Tsarist Russia 
multiplied by Marxist-Leninism. 
First, we are told, there was 
“a sevenfold expansion of the 
Russian empire between the 
16th and 19th centuries”; our 
man is careful not to refer to 


withdrawal from the First 
World War. 

He praises some of the new 
things said by Mr Gorbachev 
“as a welcome evolution of 
Soviet political thinking / 1 but 
then proceeds to attack It "It 
is not yet clear how much 
weight it will be given, as 
opposed to. traditional Marxism- 
IjOTiinism, which in some ways 
it contradicts. ... It remains 
to be seen whether the 'new 
thinking* -will be accompanied 
by changes in the objectives of 
Soviet foreign policy. 

“ Soviet leaders have not yet 
been prepared dearly to re- 
nounce the idea of the global 


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struggle against capitalism. That 
struggle continues today. ... In 
the absence of unmistakable 
evidence of a change in long- 
term Soviet objectives — 
evidence That has sot yet been 
forthcoming 1 — a prudent policy 
of the West must remain one 
of caution.” Drumroll; national 
anthem; credits; curtain. 

Well, of cuorse. we all get 
the point. The Men from the 
Ministry are warning all us 
innocent girls not to be taken 
in by the wicked wiles of that 
sinister seducer. Sir Jasper 
Gorbachev. It’s been proved 
tim«b and a gain ; The Russians 
Are Only After One Thing ! So 
stay well away from him , put 
your faith in nuclear deterrence 
and drop a penny in the Trident 
Collection Box. 

It is a great tribute to the 
impression he has made that 
they think they need to go in 
for this kind of thing. Every- 
body knows that the Soviet 
Union has been, our enemy on 
ideological princple and must 
still be assumed to be our 
adversary, if only under the 
powerful compulsions of his- 
torical necessity: their system 
and their East European con- 
quests place them in a hostile 

camp. 

Conversely, there is a vast 
community of interests and 
values between Western Europe 
and the US, whereas the Soviet 
Union has a long way to go. in 
principle and practice, before 
it can claim membership of 
civilised society. 

And yet there is little doubt 
that, to many Europeans, 
Mikhail Gorbachev is more 
popular and more trustworthy 
than Ronald Reagan. Mr Gor- ' 
bachev looks like the good guy, 
with his fncftBimn* overtures to 
the West, while Mr Reagan, 
with his devotion to Star Wars, 


r— mw 


seems to be dragging his feet 
over arms control. Mr Gor- 
bachev looks like Mr Clean with 
his crack-down on corruption, 
while Mr Reagan is slithering 
in the slime of Irangate. 

But the trouble with the 
Ministry's response to this 
dilemma, is that it is so crude, 
so vulgar, so third-rate. There 
are several new ingredients in 
our East-West quandary; no 
useful purpose is served by pre- 
tending that they do not exist, 
or that safety consists in rely- 
ing on the simplicities of the 
world before Gorbachev, before 
Star Wars, before Reykjavik, 
before a probable Euromissile 
deal. 

Silliest of all. and therefore 
most counter-productive, is our 
man's apparent argument that 
nothing has changed in Soviet 
objectives since Mr Gorbachev 
came to power, just because we 
do not have scientific evidence 
that everything has changed, 
life would be simpler if we 
could go back a few years, but 
we do not have that option. 

The Euro-missile negotiation 
is a case in point. Mr Gorba- 
chev's volte-face, with his offer 
to remove a whole class of 
European-based nuclear mis- 
siles, faces Nato with at least 
two major questions of credi- 
bility: first, the credibility of 
America's nuclear commitment 
to Europe; second, the credi- 
bility of Nato’s conventional- 
nuclear doctrine of flexible 
response. Needless to say, 
neither question is even men- 
tioned in the White Paper. 

But these are minor matters, 
compared with the political 
q u estions-marks over the Gorba- 
chev innovations. To sneer at 
his "friendly face” is merely 
juvenile. We may not know 
his deepest objectives, or we 
may distrust them; perhaps his 



market in 




secret purpose is to use “peace” 
as a weapon to divide the West 
and undermine the independ- 
ence of Western Europe. 

The fad is that he is the first 
Soviet leader to adopt an inno- 
vative posture towards the 
West in terms that are both 
plausible and conciliatory; and 
we must deal with him on the 
ground he has chosen, because 
neither public opinion nor 
common sense will permit us to 
prefer nuclear confrontation if 
there is any possibility of an 
alternative. 

If Gorbachev remains in 
power, he is virtually bound to 
continue his active pursuit of 
East-West detente, because 
what he says is consistent both 
with the facts and with Soviet 
interests in a world of nuclear 
parity: the restructuring of the 
Soviet economy does require a 
calm and stable international 
environment, whereas there 
are no circumstances in which , 
it would be in the Soviet 
interest to run any risk, how- 
ever small, of nuclear conflict. 

This does not mean that Mr 
Gorbachev plans to surrender 
Soviet interests for the sake of 
our blue eyes, far from it. It . 
does not even mean that the j 
world will remain as stable as 
it has been for the past 40 
years of confrontation; on the 
contrary, the reforms he is 
urging on the East European 
satellites risk provoking 
instability and conceivably 
danger. 

But it may mean a shift in 
the centre of gravity of the 
East-West contest from the 
military to the political; so that 
the West will need to look as 
much to its political unity as to 
its military security. In any 
case, the Ministry of Defence 
should give up its amateur 
Sovietology. 


By Samuel Brittan 

NOT LONG ago there was a award by the Department of 
convenient compartmentalisa- Trade and Industry of a major 
non in methods of communica- study contract to P.A. Com- 
tion. There was print publish- puters to examine the develop- 
ing, which was blessedly free of ment of the UK electronics 
government regulation. a!* infrastructure is of concern to 
though not outside the US, a far wider public than elec- 
protected by anything as formal txomc specialists or pressure 
as the First Amendment, groups, 
which outlaws any abridgment The study was touched off 
Ot press freedom or pre- by Recommendation 15 of the 
publication censorship. Peacock Committee which pro- 

Then there were costs and P° sed 11131 telecommunication 
teIegr?ms e S tShe P d on a aS Br S Ub w Tc £: 

monopoly and usually state-run com " *? ercux ? shou W ■» 
basis, but obliged to act as permitted to act as common 
common carriers for anyone carriers for a .ull in-si of 
who wanted to use them on a services inducting television 
non-discriminatory basis. programmes. 

Thirdly, there was broad- 0ne , problem is that the 

casting over the air, which, on role of pure common carrier 
the pretext o£ “ spectrum may not be found commercially 
shortage,” was subject to attractive. BT for instance told 
extensive regulation. Even in the Peacock Committee that it 
countries such as the US. with would be prepared to replace 
a free enterprise approach, the copper wire household tele- 
spectrum was never treated like phone lines with optic fibre, 
land or other natural resources, which would be ab«? to carry 
and leased to the highest ° n indefinitely large number 
bidder in the market place, but of channels, if only it were 
allocated on a discretionary permitted to transmit television 
basis by a government agency, entertainment. But it backed 
Modern communications tech- this proposal at a rate ox 
nology is bringing these distinc- knots as soon as Peacock had 
tions to an end. Any kind of endorsed it. 


message can now be sent on a 
variety of media. 


Without prejudging the 
viability of a full fibre optic 


A large part of publishing grid, there are unnecessary 
may eventually, for instance, obstacles which could be easily 
take an electronic form; and removed in the review of policy 
much of the information now due in 1990. For instance TV 
contained in books, or even cable companies could be per- 
literary texts, may be assembled mirted to transmit voice telc- 
by the user from a central data phony, and BT could be 
bank. obliged to make its ducts avail- 

It is far too early to sort out able to the companies, 
the relative roles of different The great danger is that the 
transmission systems, such as Home Office will cling to broad- 
terrestrial broadcasting, s&tel- casting regulation, while the 
lite, or advanced cable systems. DTI will see electronic com- 
But governments cannot just munications mainly as a 
await events. For regulatory heaven-sent market for British 
structures inherited from an electronics manufacturers, 
earlier age may inhibit new de- The true objectives should be 
velopments. Governments, more- (a) to enlarge freedom of 
over, need a strategy for maxi- expression and artistic crea- 
mising competition, despite the tion, and (b) to satisfy con- 
fact that certain key elements sumer requirements. Members 
in the new systems, such as of the official study group 
cables to individual households, should take time off to read 
are likely to remain monopolies a civilised and distinguished 
or at best duopolies. US study. Technologies of Free- 

Most important of all, safe- d om by Iihiel de Sola Pool 
guards are required to en«ure (Harvard. 19S3) which not only 
that the freedom of expression makes useful specific sugges- 
already gained in print publish- tions on regulation, but relates 
ing is extended to other media, the whole subject to the battle 
and not restricted as it so easily to secure the all-important 
could be, as a side-effect of First Amendment, which we 


electronic transmission. 


could do with so much la 


Par all these reasons the Britain at this time. 


Pressure on 
the dollar 


Letters to the Editor 








. •••-&£>■ -i 




'.'.v-CM 5 


From Dr A Drobny and 
Mr'S. Wren-Lewis 

Sir, — Your intereating anaysis 
of the chronic USJapanese 
trade imbalance (May 5) raises 
two issues we- wish to empha- 
sise. 

You suggest that the large 
appreciation of tire yen tiuiihas 
already occurred is sufficient to 
reduce significantly the sizes of 
both thet US trade deficit and 
Japanese surplus. Our model 
of the world economy (GEM) 
confirms this. This does not, 
however, imply that the yen has 
appreciated sufficiently to pro- 
duce a sustainable -pattern of 
current accounts in the medium 
term. The forecasts produced 
by GEM suggest that at current 
exchange rates the US. deficit 
may, after an adjustment 
period, fall to about half its 
current level. 

The Japanese surplus might 
in such circumstances fall to 
three-quarters of its current 
size. Given the sheer size of 
the current imbalances, this 

implies that the current pattern 
of exchange rates would still 
result in persistent (and unsus- 
tainable) current account dis- 
equilibrium in the US and 
Japan. 

Second is the problem of 
imbalances in current levels of 
domestic demand in the US and 
Japan (and Germany as well). 
The appreciation in the dollar 
daring the first half of the 
1980s was only one, albeit the 
most Important, factor causing 
the US trade deficit with Japan. 
The other major cause was that 
domestic demand in the US 
grew much more rapidly rela- 
tive to trend than in Japan. 

During the 1910s US domestic 
demand grew by an average 
of about 3 per cent per annum 
while Japanese demand growth 
during those years was around 
44 per rent per annum. The 
corresponding figures for the 
1960s are 4 per cent and 101 
per cent, respectively. From 
1980 to 1986, in contrast, US 
demand grew at nearly 3} per 
cent per annum, while Japanese 
demand growth feu to a yearly 
rate of only * per- cent 

These two feanres of the 
trade imbalances between the 
US and Japan suggest to us that 
either Japanese growth will 
have to pick up substantially or 
dollar weakness will continue 
for some time to come. Ottr 
assessment of the fiscal stimu- 
lus recently announced by the 
Japanese Government is that 
this Is insufficient to bridge the 
demand gap between these two 
countries. 

Therefore, without further 
fiscal and monetary action. 



downward pressure on the dol- 
lar will remain. 
fDr) Andres Drobny. 

Simon Wren-Lewis. 

National Institute 0 / Economic 
and Social Research, 

2, Dean Trench St, SWt. 


EEC code cm 
S Africa 

From the Director-General, 
British Industry Committee 
on South Africa 
Sir,— Michael Holman’s article 
(May 5) refers to a report by 
the labour Research Depart- 
ment on the returns by British 
companies to the EEC code of 
conduct for employment prac- 
tice in South Africa. This , 
report gives a very misleading 
picture. For example, the report 
says that 63 out of 142 British. . 
companies pay . their workers 
less thaw the recommended J 
minimum. In fact, as reported 1 
by the Depaztmeint of Trade 
and Industry, more than 96 per 
cent of black employees (76,100 
in total) are paid above the 
recommended level. This percen- 
tage has increased from 81 per 
cent since 1980. . Labour 
Research also reports that only 
50 companies have signed agree- 
ments with unions. More than 
90 per cent of companies 
however allow all their South 
African employees to be rep- 
resented by an organisation of 
their choice; 

N. J. B- J. Mitchell 
45 Great Peter Street, SW1 


Slowcoach for 
Rolls-Royce 
From Mr D. Storer 
Sr,-— Four prospectuses for 
the Rolls-Royce share offer came 
thundering through my letter- 
box on the morning of May 7 
(I had only asked for one, with 
spare application forma for my 
family, bat never mind). They 
were beautifully got up; must 
have cost a bob or two. And 
they looked interesting, or 
rather they- could have been 
interesting, except that they, 
arrived 35 minutes before appli- 
cations dosed. So straight In 
the wastepaper basket they 
went As it said, "If you wish 
to apply for shares you must 
do so very quickly.” Very 
quickly indeed. 

X expect the good 'folk at 
Samuel Montagu and all the rest 
of them will be congratulating 
themselves on.' a wildly success- 
ful operation. No doubt they 
are all jolly good chaps, and 
worth every peony ot the] 


millions they will make. Per- 
haps they could be generous 
enough to explain to simple 
people like me what la the 
point of spending colossal sums 
of money on inducing small 
would-be investors to telephone 
for application forms and then 
sending off the forms too late 
to be of any use? 

Donald Storer, 

41 Colebrook Avenue, W13. 


No shortage of 


newspapers 

From Mr G. Dougherty. 

Sir, — Richard Tomkins wrote 
(May 7) that people were com- 
plaining that there was a short- 
age of Rolls-Royce application 
forms. Surely they were aware 
that applications were pub- 
1 lished In most national and 
provincial newspapers from 
last Thursday to Sunday — or 
had they exhausted those 
sources on behalf of friends, 
nelghours, family, the dog, the 
cat? Maybe the 25p cost of the 
paper would reduce the poten- 
tial profit margin. 

G. J. L Dougherty, 

Devonia, 

New Hoad, 

Childer Thornton, 

Cheshire. 

Realignment in 
opposition 

From Mrs A. Stetcort-Wallace 

Sir.— What the electorate 
appears to be struggling 
towards is a realignment of 
political parties, possibly- a 
return to the pattern of the 
Whigs and the Tories. Violent 
swings to one side or the other 
are seen to be counterproduc- 
tive. But the Alliance is 
dangerously wrong — even in its 
own. future interests — in saying 
"the ttma h*»B come.” It has 
nearly come but if it comes too 
soon and brings with it propor- 
tional representation then 
future government by two alter- 
nating strong and responsible 
parties will have been thrown 
out of the window. 

What is needed is a third and 
final successive defeat of 
Labour and a further term of 
Conservative government dur- 
ing which a sensible future 
opposition party might put 
itself together. The C alla g hftm te 
members, of the Labour party, 
the SDP and the more practical 
liberals might come together to 
form a responsible opposition 
wortiiy to be considered a 
future alternative government. 
The “loony left” consisting or 
the far left of the Labour party 
and the loony elements of the 
Liberals would, one hopes, then 


only be a small group. If at all, 
in-parliament. 

But of course if this realign- 
ment came about the last thing 
the new opposition would want 
would be proportional represen- 
tation. Having achieved respec- 
table opposition status these 
new “ Whigs ” would dread a 
hung parliament which might 
be controlled by the small 
remaining band of “ loonies ” in 
the House. 

Post-electoral horse trading is 
not conducive to good govern- 
ment and not a part of British 
tradition. This new alignment 
can only come about is opposi- 
tion. That it should come about 
is essential to the future politi- 
cal health of this country but 
at all costs its price must not 
be the granting of proportional 
representation which would 
strangle it shortly after its 
birth. 

(Mrs) Mary Stewart-Wallace, 
Moot House, 

DitchUng, Sussex. 

The sterling 
devaluation 

From the General Secretary, 
Association of Professional, 
Executive, Clerical and Com- 
puter Staff. 

Sir, — It was pleasing to see 
Samuel Brittan acknowledge 
(April 30) the great value to 
our country of the devaluation 
of sterling last year. Those who 
have criticised the Monetarist 
experiment have faced fierce 
opposition from Mrs Thatcher, 
Mr Lawson and Mr Brittan over 
the years to oar desire to see a 
competitive exchange rate. Not 
only have the Monetarists de- 
stroyed a quarter of our manu- 
facturing industry they have 
enormously aided our overseas 
competitors in Europe and the 
Far East, not only by allowing 
them to replace the output the 
Monetarists killed off, but by 
virtue of the enormous over- 
valuation of sterling to make 
massive profits on their exports 
to us, to sustain and expand 
their own industry. The only 
comparable disaster in Euro- 
pean history Is the enormous 
benefits that England and the 
Netherlands received from 
Phillip of Spain’s similar abuse 
of his South American gold. We 
all know where Spain was for 
the next four hundred years. 

Samuel Brittan writes as if 
Britain was responsible for the 
sterling devaluation. The true 
hero is Sheikh Yamanl who, 
growing tired of Mrs Thatcher’s 
desire to pump every possible 
barrel of oil out of the North 
Sea, decided “at a stroke" to 
turn on the Saudi oil tap and 
halve the price of oil. Surely if 
any man deserves to be 
honoured in Britain it is Sheikh 
Yaxsoni. 

It is good practice in manage- 
ment and politics that if a policy 
goes disastrously wrong the 
authors should pay the price. 
Now we have a chance to do 
just that 
Roy A. G r antham, 

22 Worple Road, SW19< 


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01689 2266 S 


FINANCIAL TIMES 


electronic 
wire and 
cable 


Monday May 11 1987 


Roderick Oram 
on Wall Street 


Stewart Fleming reports on US Democrats’ struggle to fill vacuum left by Gary Hart 

Dogfight before race starts 


DREXEL Burnham Lambert hasn't 
a worry in the world, judging by its 
annual review, which indicates that 
it earned mere profits than any oth- 
er firm on Wall Street last year as 
“the leader in innovation in the sec- 
urities industry." 

Yet the glossy, unremittingly up- 
beat report still reads like a defiant 
counter-blast in the firm's battle 
against its competitors’ whispering 
campaign and a torrent of leaks 
from government investigators. In 
a gross breach of accepted judicial 
standards, unnamed sources dose 
to the investigation are subjecting 
the firm to a test, if not a trial, by 
the press. To date, no charges have 
been filed against the company. 

Drexel's report acknowledges 
briefly the dark linin g to its silver 
cloud. Despite a 60 per cent in-: 
crease in revenues to S4bn and a 
near doubling of capital to S1.8bn, 
“1986 was a sobering year for Drex- 
el Burnham. 

Reports of insider trading activi- 
ty rocked Wall Street and subse- 
quently led to the filing of charges 
against several individuals through- 
out the industry, including three of 
our former employees,” it says. 

“Based on an extensive ongoing 
investigation, we have no indication 
that any individual currently em- 
ployed by the firm has done any- 
thing to violate securities laws." 

The only other reference comes 
in a balance sheet note about the in- 
vestigations and civil suits. Man- 
agement and general counsel have 1 
concluded that these issues “will I 
not, in the aggregate, have a mate- 
rial adverse affect on the group's 
consolidated financial position." 

Rather, the report’s tone is set by 
an ode to entrepreneurs, a 3,500 
word prose poem about the busi- 
ness pioneers who made America 
prosperous by challenging confor- 
mity. Today's innovators, restruc- 
turing corporate America to restore 
the country’s international competi- 
tiveness, are equally misunderstood 
as their predecessors. 

“Innovators are inevitably con- 
troversial," says the report quoting 
a learned authority. But the firm 
knows its role: “As the capital mar- 1 
kets have become more volatile and 
complex, Drexel Burnham has led 
the development of new financial 
instruments and financing tech- 
niques to meet the needs of issuers 
and investors." 

To this end Drexel raised S30.9bn I 
in public equity and debt markets 
last year, a 132 per cent increase 
while Wall Streets new issues ex- 
panded by 106 per cent Less than 
half Drexel's issues were junk 
bonds, although it maintained a 45 
per cent market share in them. It 
has used the substantial profits 
from pioneering the product to 
build up other securities businesses 
at breathtaking speed. 

Drexels' compound growth rate of 
underwriting 1981-86 was 75 per 
cent compared with 40.5 per cent 
for second place rirst Boston and 
38.5 per cent for Salomon in third 
position. 

These and other activities earned 
Drexel S545.5m, its balance sheet 
indicates. It does not publish profit 
figures because it is a private part- 
nership, but officials in the firm and 
analysts outside say the increase in 
shareholders' equity in 1986 to 
S1.265bn from S7I9.5m is a reason- 
ably reliable guide to retained earn- 
ings. 

Comparing results of public and 
private companies is difficult, but 
Salomon, the traditional industry 
leader, earned £51 6m and Merrill 
Lynch reported S 454. 3m. Goldman, 
Sachs, which like Drexel is a part- 
nership, earned between $475m and 
SSOOm, estimates Mr Perrin Long of 
Upper Analytical Securities. 

Trying to woo away Drexel’s 
clients, some of its competitors 
have claimed it has been living off 
its backlog of business since the Iv- 
an Boesky insider trading scandal 
turned the spotlight on it The com- 
pany vigorously defends its perfor- 
mance. 

“We increased our market share 
in the first quarter in underwriting, 
and about half our underwriting 
customers ere new to us," said Mr 
James Balog, Drexel's vice-chair- 
man, in an interview. "April was a 
disaster for the Street but we had a 
satisfactory month." 

In other moves, two big firms 
have stopped trading commodities 
with it, some foreign banks have 
turned down interest rate swaps 
and a few regional banks will not 
give it short-term loans backed by 
government securities. All this has 
not hurt profits, officials said in a 
recent newspaper interview. When 
Staley Continental filed suit claim- 
ing Drexel tried to “extort" it into 
doing business with it, seme of 
Drexel's competitors sent copies of 
the food group's complaint to Drex- 
el’s clients. 

Drexel is trying to counter with 
advertising campaigns the annual 
review's message about Drexel's 
key role in the economy and by urg- 
ing its clients to write to their con- 
gressmen in support of junk bonds, 
•They're the best self promoters on 
the Street, "a competitor said. 


THE SEVEN DWARFS: that is 
what the remaining candidates for 
the US Democratic Party’s presi- 
dential nomination are being called. 

This is not to say that the front- 
runner, Mr Gary Hart, who with- 
drew on Friday, is Snow White. 

Indeed behind the crocodile tears 
shed in public at the demise of his 
campaign, many Democrats - and 
not just his rivals in the election 
race - were relieved that his flawed 
candidacy was dead. 

How much worse it would have 
been for the Democrats if Mr Hart's 
womanising had become a cam- 
paign issue after he had won the 
party's nomination - a rea ming, foftt 
is, his bid for the presidency had 
not self destructed before then, as 
many suspected it would. “A dis- 
aster waiting to happen . . . charac- 
ter suicide, not assassina- 

tion”: these are the phrases being 
used to describe the collapse of the 
Hart campaign. 

But the Seven Dwarfs? Is this 
really all that the Democratic Party 
has to offer? 

It is only in the sense that just 
one of the remaining in 

the race has the sort of national 
reputation - or to put it at its mini- 
mum — tin* natinnal nara o recogni- 
tion that is enjoyed by Mr Hart or 
by Senator Edward Kennedy and 
Governor Mario Cuomo of New 
York, both of whom have said they 
will not enter the race. 

That man is Rev Jesse Jackson. 
Before Mr Harts withdrawal the 
black popularist orator was already 
demonstrating in Iowa that he is 
likely to be a much more influential 
figure in 1968 than in 1984, even if. 
he ultimately fails to secure the 
nomination as political analysts ex- 
pect he will 

Now that the Democratic nomi- 
nating process is wide open and the 
struggle to emerge from the pack as 
the new front runner is under way 
Mr Jackson has an even better op- 
portunity to strengthen his position. 

Indeed, at the end of last week 
was making the unlikely claim to 
be the intellectual heir to Mr Hart 
The imagination needs to turn som- 
ersaults to encompass the marriage 
of the white hot demagoguery of 
the black civil rights leader and the - 
ice-cold intellectual ism of Mr Hart 
It will, however, be interesting to 


‘Even if the early 
polls indicate that 
Mr Jackson (right) is 
the frontrunner, he 
will not secure the 
big advantage which 
makes frontrunner 
status so desirable - 
money. The rich 
Democratic Party 
moneybags have 
their eyes elsewhere.' 


see whether and how Mr Jackson's 
campaign changes now. 

Even if the early polls do indicate 
tor. Mr Jackson is the new front- 
runner, be will not secure the big 
advantage which makes frontrun- 
ner status so desirable - money. 
The rich white Democratic Party 
moneybags have their eyes else- 
where. 

But which of Governor Bruce 
Babbit, Senator Joe Biden, Rep Ri- 
chard Gephardt, Senator Paul Si- 
mon, Senator Albert Gore and 
Governor Michael Dukakis will 
emerge as the man to beat? Bets 
are already being placed but not 
with any great assurance of success 
not least because of the conviction 
that the field is still not complete. 

Senator Sam Nunn, the cool 
southern conservative who, as a 
military and arms control special- 
ist, is the only prospective Demo- 
cratic candidate who can lay claim 
to an international perspective and 
expertise, will be sorely tempted to 
follow the advice of those in the 
party hierarchy who believe that 
1988 could be his year. 

The analysis runs something Kim 
this: file Iowa caucuses and New 
Hampshire primary next February 
will be indecisive. Babbit, Gephardt 
or Biden will emerge from Iowa in 
front, bat New Hampshire will be 
won by the liberal Democratic stan- 
dard bearer Governor Michael Du- 
kakis from neighbouring Massa- 
chusetts. 






Mr Dukakis, however, will do 
worse than expected, and expecta- 
tions are the yardstick of success - 
another reason why Mr Hart was 
seen to be a vulnerable frontrunner. 
So it will be on to the dozen south- 

39-year-old Senator Albert Gore of 
Tennessee or, if they decide to en- 
ter, Georgia’s Sam Nunn or Gover- 
nor BUI Clinton of Arkansas, will be 
playing on their bnmt» turf, ( Mr 
Jackson, incidentally, is expected 
on "Super Tuesday” to benefit from 
the south's heavy concentration of 
black voters.) 

It is a recipe for a braising and 
confusing political dogfi gh t nmiyng 
a group of candidates none of whom 
h»s ever run a national presidential 
election campaign before. 

Such a scenario seems predes- 
tined to conjure up imag es q£ 
Democratic Party dissension 
among the voters, never mind the 
potential damage winch could be 
firing to the image of some of the in- 
dividuals themselves if the political 
blood begins to flow. 

Worse, were, say, Senator Nunn 
to emerge victorious, his political 
philosophy unmodified, the party 
could end up divided between its 
southern conservative a nd north- 
eastern liberal wings. 

The Republicans on the other 
hand could profit from a mercifully 
short primary campaign between 
Vice President George Bush, Sena- 
tor Bob Dole - the repre sentative s 


Re-run of Zeebrugge car ferry 
disaster may provide clues 


BY TIM DICKSON IN BRUSSELS 

VITAL new dues to the cause of the 
Zeebrugge ferry disaster seem like- 
ly to have been provided yesterday 
by a re-run of the ill-fated vessel's 
last journey in which nearly 200 
people died. 

The dramatic reconstruction in 
Zeebrugge harbour was carried out 
by a sister ship of Townsend Tho- 
resen’s Herald of Free Enterprise - 
the Pride of Free Enterprise - in 
weather and tidal conditions closely 
matching those of the night of the 
tragedy on March 0. 

Measurements and film from the 
exercise will now be subjected to 
detailed analysis in Britain, but it 


seemed dear to journalists and oth- 
er observers watching from nearby 
tugs that seawater would have en- 
tered the bow doors of the ship had 
they been open. 

All normal safety procedures, in- 
cluding the closing of the doors, 
were followed during yesterday's 
trials. The public inquiry in London, 
however, has already heard evi- 
dence from several key witnesses to 
suggest that on the night the ferry 
capsized this was not the case. 

Yesterday’s operation was part of 
a technical study to be presented to 
the inquiry, which enters its third 
week today. Computer calculations 


and model e xperim ents have al- 
ready been carried out at the labo- 
" ratories near London of British 
Maritime Technology 
Measurements t»iwr on the 
"Pride of Free Enterprise," which 
left Zeebrugge harbour ballasted to 
a comparable extent to the Herald 
when she keeled over, are expected 
to produce valuable data to help 
BMTs scientists verify the results 
of their model tests. Tide conditions 
were the same as at tbe time of the 
accident, but although no official* 
were available to comment, the sea 
appeared rougher yesterday than 
its calm condition reported by wit- 
nesses on the night of the accident 


Further dollar fall ‘essential to US' 


Continued from Page 1 

S20J24 an hour, some 20 per cent be- 
low GM^, although cash wages, at 
£1621 an hour are now substantial- 
ly higher than the American work- 
er’s. 

US industrialists and economists 
appear to believe that their curren- 
cy has further to fall for several 
broad reasons: 

©The importers' huge financial 
strength, built up during tbe period 
of dollar overvaluation has enabled 
them to fight aggressively to keep 
their market share, at least until 
they manage to establish direct in- 
vestment beachheads. 

“The Japanese will hold on to 
their markets at all costs even for 
as long as they need to get their 
own plants running in the US," ac- 
cording to Mr Pat Choate, chief 
economist of TRW, the Cleveland- 


based electronics and auto compo- 
nents supplier. 

• Much of the dollar's fall since 
March 1985, when the trend turned 
in the currency markets, has been 
irrelevant to US exporters. 

• The US trade deficit is so large 
that it has acquired an irresistible 
inbuilt momentum. Since the US 
now im p ort s nearly twice as much 
as it exports, tbe growth rate of ex- 
ports will have to be double that of 
imports merely to keep the trade 

balance from expanding farther. 

• Strategic decisions have been 
made by US companies to abandon 
many industries and some of the** 
may now be irretrievably lost 

• For over two decades now, the US 
has been steadily losing its techno- 
logical leadership and fn fling be- 


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bind other co rmiri^ in productivity 
growth. Mr Robert Lawrence of 
Brookings, along with many other 
economists, has used econom e tric 
models, to argue that this long-term 
relative decline required the dollar 
to be devalued by an average of 1 or 
2 per cent annually in real terms. 
However, since 1979, the dollar has 
appreciated sharply instead of fall- 
ing by nearly 29 per cent as tins for- 
mula would suggest 

Although the dollar is now at a 
record low against the yen, this cur- 
rency is generally perceived to have 
been grossly undervalued through- 
out the last decade. Against the D- 
Mark the dollar is still 4 per cent 
above its 1979 average level and its 
trade weighted exchange rate is at 
least 7 per cent above its 1979 
trough. 

OECD warns 
on recession 

Continued from Page I 
ingiy frustrated by Bonn’s refusal 
to take action to stimulate its econo- 
my. The latest OECD forecast sug- 
gests that growth in West Germany 
this year will slow to between 1.5 
and 2 per omit 

The finance ministers, who will 
meet in Baris tomorrow and Wed- 
nesday, ere expected to pledge to 
step up efforts to reduce agricultu- 
ral subsidies as part of a commit- 
ment to freer trade. 

Preliminary discussions between 
officials, however, suggest that so 
substantive derisions will be taken 
in tiiis area, nor in respect of an 
OECD report calling for much grea- 
ter efforts by governments to re- 
move "structural rigidities" in their 
economies. 


of the moderate elements of tbe 
party - and whoever emerges as the 
standardbearer of the right - for- 
mer Senator Paul Laxalt, perhaps, 
or Rep Jack Kemp. 

But what will be Gary Harts leg- 
acy to his party and to the 1988 
presidential election? Already there 
is speculation that a large part of 
his strong New Hampshire cam- 
paign organisation and some of Ms 
top campaign staff will be inherited 
by Governor Dukakis. Others are 
already being wooed by rival candi- 
dates. 

The rfaiATlorf A nri carefully 
thought oat position, papers which 
he prepared on topics ranging from 
education policy to US-Soviet rela- 
tions and America’s foreign policy 
in an era when political power in 
the Western world is being diffused, 
will help to shape the positions of 
the party's presidential candidate. I 
Whether that individual win adopt 
Mr Harts "free trade” position 
which brought Mm into conflict 1 
with Mr Gephardt is an open ques- 
tion. 

Finalty there are dire predictions 
that the proclivities of 

candidates will not become yet an- 
other triviaEsmg factor in the presi- 
dential elec tion in nwm^« 
ahead. 

This seems unlikely. The media's 
role in Mr Harts downfall has be- 
come as much a cause celibre as 
the candidate's. The press is deeply 
divided about its role in helping to 
end Mr Harts presidential amhi- 
tion. Polls suggest that the public 
felt the media went too far. 

Newspapers and television will 
therefore be circumspect in fixture 
when they intrude into a candi- 
date's private life. Bat if a candi- 
date, as Mr Hart did, invites such 
intrusion, it is evident from tiie pub- 
lic debate going on that a large 
number of editors will not shirk 
what they see as their public re- 
sponsibility to investigate the stray. 

A watershed has been crossed. 

' Presidential candidates are now on 
notice just as the Watergate 
affair led to closer scrutiny on their 
personal finances, now, their pri- 
vate lives are not taboo and they 
will have to adjust their political 
strategies accordingly. 

Trawpix hearing , 9 . 

US pays 
respects 
to Casey 

By Uoivri Barber 
In Nassau County 

ON a clear blue Saturday afternoon 
in Nassau County, Lang Island, 
Americans paid their last respects 
to William Casey, the Irish New 
Yorka 1 whose power and personali- 
ty as director of the Central Intelli- 
gence Agency dominated the Rea- 
gan ere. 

In its brief simplicity, the burial 
ceremony in the Catholic cemetery 
of the Oily Rood, near Roosevelt 
racetrack just north of Eisenhower 
Park, may also have signalled tbe 
end of another age. 

WSHam Casey was the nation's 
last spyznaster. A Second World 
War veteran of the Office of Strate- 
gic Services, the predecessor of the 
CIA, Casey was the official in 
charge of infiltrating agents into 
Nazi Germany. HI* later appoint- 
ment by President Ronald Reagan 
as Director of Central Intelligence 
made him, therefore, the Keeper of 
the Seal; the man whose vie w s w er e 
shaped by the fight against totali- 
tarianism 40 years ago. 

Those gathered an Saturday 
seemed to sense this change: the 
silver-haired OSS veterans, some 
accompanied by their wives; the 
bulky agency men who stood ner- 
vously waiting for the fimeral cor- 
tege to arrive. 

The day had begun on a discor- 
dant note as President Reagan ac- 
companied by the majority of his 
Republican Cabinet and 200 other 
(Signatories attended a mass in St 
Mary's Church in Rostyn Harbour, 
close to the Casey family home. 

A few miles away in the cemetery 
there were the first signs of CIA se- 
curity. Unmarked, transit vans 
cruised up and down the winding 
cemetery roads. Catholic cemetery 
gardeners, their walkie-talkies at- 
tached to green jumpsuits, were out 
in force. Very soon the locals began 
to arrive, dressed in teeshirts and 

jeans, their children in tow and not 
a blade tie in sight. 

By 4pm . some 100 members of a 
curious public had begun to assem- 
ble behind the yirilow cordon wound 
at some 20 yards distance around 
the Casey grave. 

“Check all walkie-talkies” 
crackled the police radio as the first 
siren started to wail, signalling toe 
imminent arrival of the fimeral pro- 
cession. 

The ceremony took less thaw 15 
minutes. Most of toe chaplain’s 
words were drowned by aircraft fly- 
ing overhead on their way to la 
Guardia and JFK. Then they left, 
leaving toe mahogany coffin tying 

alone an fop of toe grave. 


THE LEX COLUMN 

The life cycle 
of the giants 


One rationale for toe giant, acqui- 
sition-led, conglomerate is that its 
central management performs capi- 
tal market functions more efficient- 
ly than the capital markets. The 
central brain of the conglomerate 
knows its constituent businesses 

better than the market and can. 
thus allocate capital more effective- 
ly; similar ly, by behaving HVe “pro- 
active" investment trusts the preda- 
tors profitably and usefully comp- 
ensate far institutional pas sivity . So 
when Hanson Trust and BIB no 
longer command premium ratings, 
is the market trying to tell them 
that they are not sufficient 

value to justify their lice n ce to 
shorttircuit? 

Those two heavyweights have 
been around too long to worry un- 
duly about a dip in popularity in tbe 
UK market, antLin any case, there 
are some perfectl y good short-range 
reasons for underperformance. 
Kiwwm jn heavily dependent on 
dollar earnings and has lately been 
issuing a lot a its paper. The maficor 
contorted takeover red Is by no 
means an endangered species bat & 
cyclical boom appears to be endin g, 
at least in toe UK There are under- 
standable anxieties, too, about 
whether toe leadership chemistry 
at Hanson and BTRww survive toe 

departure of their founding fathers. 

Nevertheless it is surprising that 
those arguments should have cast 
such a shadow over the strong fnnd- 
performance of both 
groups. BTR’s 1986 figures were ex- 
cellent and Hanson's earnings 
growth is expected easily to outpace 
other industrials this year. The let- 
ter’s acquisitions of SCM and Impe- 
rial now look classics of the genre; 
following disposals, operating prof- 
its of S120m were pocketed for noth- 
ing at SCM and toe remnants of Im- 
perial were acquired on ah exit p/e 
of 5 A. 

Rwhifpft , thgrafnra, the murlfg t i« 
pypranaring 8 more fi*ndam«»ntal 

anxiety about the Hfe-cyde of toe 
giant conglomerate. We are in un- 
charted territory , there are no laws 
of conglomerate behaviour to tell us 
what these companies will .look like 
cqme toe mUkmniuiiL-And *ha UK 
i* i ii r 1 f irt hastiefer kh o wn conglom- 
erates of such size; Hanson is now 
said to be the largest pure conglom- 
erate in toe world. 

Whoever calculated t hat if BTR 
went cm growing at its current rate 
(of a few years ago) it would be larg- 
er than the UK economy by toe 
year 2003 neafly illustrated the ne- . 
cessaiy slackening in the pace of 
growth. But a compound growth 
rate of 28 per cent a year over the 
past ctecade could come down quite ■ 
a lot white sustaining returns above 
toe market average. Without the 
annual injection of takeover bene* 



F H A 

1987 


fits decline would be steeper; even 
with superb financial controls you 
canno t indefinitely squeeze more 
from slow or ex-growth industries. 

There is, however, no reason why 
this supply of fresh earni n g s should 
be cut off. There is also no logical 
reason why toe bids have to ge t big- 
ger, although if their contribution is 

to keep pace with the growth of the 
company they must either grow in 
number or size. A higher number of 
smuTlw "add-on" acquisitions might 
increase transaction costs but 
would probably reduce total acquisi- 
tion costs: if they were divestments 
from large groups there would pre- 
sumably be less of a bid premium to 
pay a nd lo wer reorganisation costs. 
Both BTR and GK appear to be 
moving in this direction. 

It is, however, difficult to diriodge 
toe view that suitable takeover op- 
portunities for giants (at least in 
toe UK) are becoming harder to 
find; by depressing their ratings, 
and thus spoiling the acquisition 
arithmetic, the view has a self-ful- 
filling character. The decentralised 
•rmfllW acquisition strategy also 
nudges toe downward renting by 
undermining the value-added of 
central management Unless, that 
is, toe strong central management 
of the best conglomerates is itself - 
regardless of individuals— worth a 
premium, as Warburg Securities 
argues in Conglomerates: Heroes or 
villains ? A longish period of low 
takeover activity will test the toe- 
ik, 

It is hard to imagine Hanson. 
BTR or any of their imitators sett- 
ling down into a ^comf ort able, in- 
come stock, middle-age, making the 
occasional acquisition, g ro wi ng at 
toe speed of UK pic. The existence 
of rival giant predators sniffing out 
break-up values makes it even har- 
der to imagine. However, some 
such unexciting future could. look 
rather attractive in a bear market 
Industrial diversity and the central 
managements experience of the 57 
varieties of business cycle could 
transform these once-favoured bull- 


market stocks into stalwarts of a 
bear market, although stock op- 
tions would become a less effective 
form of management motivation. 

A polity of deliberate demerger is 
highly unlikely unless tilings get 
very sticky. It would be a tax mine- 
field, and although the Hanson tax 
wizards could pro bab ly pull off 
some good deals the company 
seems determined to become the 
biggest in the UK The idea of float- 
ing off companies or divisions is 
rather more attractive. The con- 
glomerates could become highly 

profitable m n " J> g M1nan t consul tan ts 

to UK pic, buying poorly run com- 
panies, injecting good management 
and selling them off a few years lat- 
er at a hefty premium (rather as the 
rejuvenated Cannon Street Invest- 
ments plans on a miniature scale). 

The giants do not, however, need 
more they need new products 
and growth markets. They also 
therefore need to adapt aspects of 
what the Centre for Business 
Strategy the “financial con- 
troller” Style of wiwnAggmgnt with 
its risk-averse, high-margin/niche 
business obsession. There are 
several ways of making tbe trans- 
ition, all of which would probably 
disrupt earnings growt h, i n tbe 
short-term. Hanson or BTR could 
bid for a major technology compa- 
ny, as last week’s GEC rumours 
suggested. Or, like Olivetti and 
AT&T, an imaginative use of equity 
could introduce conglomerate cen- 
tral management to higher growth 
joint ventures. 

Pre-emption 

The debate on pre-emption rights 
may have appeared to die, but was 
merety sleeping. White the stock ex- 
change cafe for constructive discus- 
sion, and the pension funds add 
their deliberations to those of the 
insurers, the corporate treasurers 
have decided to defend their legiti- 
mate professional interests. Or that 
is how this month's leader in Tbe 
Treasurer seems to read. 

Evidently, sales of equity at toe 
current market price should not di- 
lute shareholders, but this frequent- 
ly advanced truism smuggles in the 
assumption that market prices do 
not adjust to an impending issue 
(and forget those fees). What is 
more, the very statement that the 
equity-linked Eurobond market was 
providing large amounts of finance 
at competitive prices is calculated 
only to enrage the institutions. 
Short-sighted it may be for UK 
companies to confine themselves to 
-t 2 » local 10 per cent of world liquid- 
ity, but if London markets forsake 
toe UK corporate sector, is Liecht- 
enstein going to fill the equity gap? 


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SECTION II - COMPANIES AND MARKETS 

FINANCIAL TIMES 

Monday May 11 1987 


TROIXOPE & COLLS 

MANAGEMENT 

MANAGEMENT CONTRACTING 
DESIGN & CONSTRUCT 

01-377 2500 §© 


INTERNATIONAL BONDS 


. “'Vi 


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' J t So 


c ..." ih, 
.. • k ' «■ 
* * .i**'* • 

.. '"CJ. 
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Euroyen goes on thriving while the dollar languishes 


WHILE THE world waited anxious- 
ly last week to see whether the Jap- 
anese would buy US Treasury 
bonds, the Eurobond market saw 
another im portant and related gign 
of the times, writes Alexander Ni- 
cott in London. 

The volume d fixed rate Earoyen 
bonds launched so far this year 
drew further ahead of the vcdnme of 
straight dollar issues 

She £uroy&D horvfv totalfizig 
YIMbn were issued, in rinding four 
on Friday. Meanwhile, there were 
no sew dollar straights excluding 
the equity and gold-linked sectors. 
According to International Finano-- 
ing Review, a trade .publication, 
straight yen issues in 1887 up to the 
beginning of last week numbered 93* 
totalling $12.4bn equivalent, com- 
pared' nidi 80 dollar issues worth 
SllAn. 

The rapid growth of Euroyen 
bonds has been <me. of the recent 
phmnmgny of . the Euromarkets. 
Whfie the dollar sector tattgmabfr* 
amid concern about currency weak- 
ness and interest rate rues, the Eu- 


EUROCRED1TS 


royeu sector has so far suffered no 

serious setbacks even though its 

Character M chang ftd . ni gnHwtttf u 
ly. 

For most of last year. Euroyen 
bond yields were lower than those 
on comparable domestic issues and 
the investor base was largely in Eu- 
rope. Th e n, as Japanese domestic 
Inter est rates declined. Euroyen 
yields moved above domestic rates, 
and the market suddenly became 
appealing to Japanese institutions, 
even though they are not able to 
buy new issues directly, since Euro- 
bonds are subject to a 90-day lock- 
up; 

Institutions' buying of Euroyen 
bonds, however, has been oversha- 
dowed by their purchases of Japa- 
nese hrmtfa Tn this 

highly liquid trading market, they 
frantically seek capital gains which 
can offset the effect on their portfol- 
io returns of reduced holdings erf 
dollar bonds. 

The yield gap has become more 
accentuated as fee Tokyo market 


c ontinues to strengthen amid con- 
tinuing of a cut in Ja- 

pan's 15 per cent discount rate, 
melds on the most active Number 
89 government bond dropped well 
below 3 per ce nt last week, while 
the besbreted Euroyen bonds are 

almost an trading above 4 per cant 

Those who la un che d issues last 
week were confidently predicting 
that lagging Euroyen yields would 
won catch up, and that the Euroyen 
sector represented a buying oppor- 
tsnity. 

Some in the market, however, be- 
lieve that the Euroyen sector has 
become too bloated, and that Japa- 
nese institutions are now more se- 
lective about their purchases as 
they conce n tr a te on liquid, trade- 
able issues. This school believes 
that the narrowing of the yield gap 
is by no mw>iw a foregone conclu- 
sion. 

According to this -new. E u ro y e n 
yields depend not only on domestic 
rates but also on. the rates at which 
arbitrage and swaps can be carried 
out between Eurodollar and Euroy- 


HM Other 

_ f way 

900 *930.1 

- 39U 

- ms 


3*4*17 27027 1*99*2 OOOD 
2*7210 17008 BJXiJ 47377 
2*0987 BO JO *00*1 1175*2 
17,02.1 8900 273*7 1*888* 


1779*8 4*38*7 

1*718* 3*1887 

1779*0 8*0827 

1*84*5 2*57*0 


ctoltef719K7 


Source- AS8D 


en instruments. The extension of 
fliic argument is that any further 
widening in the differential be- 
tween Japanese and US rates will 
be matched by a widening between 
Japanese d flin «nri Euroyen 
yields. 

This is not a line that would have 
been popular with Friday's issuers. 
Tim bonds were tor good names and 


had no serious mispricings. The 
largest issue, for Italy at YMon, was 
el so the first four-year bullet bond 
in the sector and had a record low 
coupon of 4ft per cent Underpin- 
ning the sector also are general ex- 
pectations that the yen wifi remain 
strong. 

The flurry of issues may have 
been partly due to official approval 
of a number of requests which had 
piled up during Japan's Golden 
Week holidays. 

Perhaps significantly, an last 
week's issues were launched by 
Japanese hwnV jihsidhriBi and not 
by securities houses. This is be- 
cause there is no natural swap win- 
dow at present Banks are more 
able than securities firms to pro- 
vide swaps because of the capacity 
of their swap and loan books and 
can thus pitch more aggressive 
terms to b o rro w e r s. 

The steady issuance of Euroyen 
bonds is in stark contrast to the 
West German market, which is see- 
ing virtually no new issues - the In- 
ter-American Development w*nir 


was the only entrant last week. The 
welcome accorded to it failed to 
encourage others who were per- 
haps waiting tor D-Mark borrow- 
ings to fall further. The domestic 
market was strong on expectations 
of a cut in repurchase rates and a 
shortage of paper in shorter maturi- 
ties, and D-Mark Eurobonds gained 
up to a point on the week. 

In Switzerland, prices were also 
higher and the few new issues were 
generally well received. 

While the Eurodollar sector re- 
bounded on Friday amid relief that 

the Treasury auctions had passed 
without disasters. Eurosterling 
bonds were strongly boosted by the 
election euphoria surrounding all 
UK securities markets. Not only did 
local election results suggest an 
early general election and a Conser- 
vative victory, but bank base rates 
were cut as welL 

Into this heady atmosphere came 
a rare triple-A rated borrower, the 
Prudential Corporation, the UK in- 
surance group, with a £150m 20- 
year bond likely to act as a bench- 


mark tor the sector. It was well re- 
ceived and was quoted at discounts 
less than the total fees. 

There was a less certain response 
to a hybrid issue from Halifax 
Building Society, with a fixed cou- 
pon for three years and a floating 
rate tor the final two years. The 
structure was designed to evade a 
UK bar on issues of bands of less 
than five years maturity but at the 
same time to take advantage of at- 
tractive fixed to floating swap rates 
tor three-year maturities. Though 
the interest rate elements might 
have been easily accepted in their 
respective sectors, there was a cau- 
tious response as fixed rate manag- 
ers consulted with their floating 
rate colleagues. 

• Indonesia, buoyed by last week’s 
agreement with the International 
Monetary Fund on a $8 09m loan, 
made a 550m issue of five-year 
floating rate certificates of deposit 
in the name of Bank Negara, the 
central bank. Led by Chemical Asia 
and Mitsui Finance Asia, the issue 
is at 25 basis points above Libor. 


Battered Eastern Europe looks to the West for better deal on loans 


DROUGHT, tiie midear power 
plant disaster at Chernobyl and one 
of the bleakest winters this century 
have together battered the econom- 
ic of Eastern Europe, writes Ste- 
phen FMferin London. 

But loans now being negotiated 
with iwtwniitjfflMl ■ hunVor g gg ggegfc 
these factors have not dampened 
the ardour tor tin» fewit among 
sovereign bo r rower s from that part 
of the world. 

Hungary and Ctedtosloivakia are 
both talking to benkere about rais- 
ing money, the -former scaring 
S500m to complete-its financing in 
the syndicated loan market this ' 
year, and the la tter seeking bids tor 
a $20Qm loan. 

Hungary was. expected to raise a 
total of $2bn this year but by the 
end of (he first : quarter It was 


thought to have reached about half 
of that target With an estimated 
S200m raised since the end of the 
first quarter, a S500m loan woukl al- 
low it to stay out of the loans mar- 
ket tor the rest of 1987. 

Bankers generally applaud the 
strategy of raising one large loan 
rather than a series of smaller ones, 
once it allows the country to ovoid 
unpopular r e turn trips to the mar- 
ket 

Unfortunately for the Hungar- 
ians, there is generally a price to be 
prill hi higher interest margins or 
fatter fees tor borr owin g in such 
size. 

Hungary's last major dollar loan, 
a S200m deal signed in February 
and arranged by Bankaf Tokyo and 

C hemical ftmfc Intarnatimml, WBS 
at ft point over London nriw fa nk 


offered rates lot eight years. Its 
debt nv gfltiatnr s are di pg m g their 
beds in to preserve this spread, but 
banters tfri*>v that the loan’s 
and the country's economic troubles 
means they will have to pay more. 

The country has introduced an 
economic austerity package after 
recording a current account 
last year of SLAbn and a record 
S250m hard currency trade shortfall 
in tiie first two months of this year. 

Czechoslovakia is a rarer visitor 
to the market. Its last new 
borrowing, completed last August, 
was for 5100m through Internation- 
al Westminster Bank, c ar r yin g a 


ft point tor the remaining four. 

The Czechs are Vw i to see an. 
element of ft point in the new ban, 
despite Rs larger size. The question 


hanitpit «rp agMn g ?« >»w<fwp fat p 

the credit vnfl the ft point be carri- 
ed and to what extent will the fees 
have to be expanded to accommo- 
date the borrowers 1 wishes? In oth- 
er emerging deals, the World Wwwfc 
is sounding out a co-fi- 

nancing deal for a 5830m water irri- 
gation project In Algeria. The pro- 
posal is far a 5200m soft loan from 
the World Bank, a sunflar-sized ‘B* 
loan from in ternational banks with 
the remainder of the funds to be 
raised in the domestic market. 

rstrmrp I niiM ti iwnt Bunt b titavd 

an otherwise fairiy quiet loans mar^ 
kpt, announcing ftwn* mandates fete 
last week. 

The lwnV fe arranging a $37 5m 
secured aircaft financing far Tntp*- 
national Leisure Group cf the UK. 
The funds are to finance the pur- 


chase of five Boeing 737-40Qs and 
five 757-200s with spare engme* 

The second deal for a total of 
about 5350m was for Hectriodade 
de Portugal, fairing advantage of 
the improved climate for bo rrowers 
from this country evidenced by the 
success ft* a pafinanrring HpbI 

for the republic. 

The funds will go to repay bor- 
rowings made in 1981, 1982 and 
1985. It includes a felly revolving 
dollar credit tor 5115m, which will 
be drawn down entirely at the start 
bnt which could act later as a back- 
up far a Eurocommercial paper pro- 
gramme. The other elements are 
t e rm loans for Ecu 95m, YBbn and 
DM 100m. Mitsubishi Bank is n g-nt 
mid coordinator of the yen portion. 

The five-year facility extendible 
to eight years, carries an interest 


margin of 15 basis points and a 
commitment fee of 10 basis points. 

At terms that looked aggressive 
to many, Montedison, the Italian 
pharmaceuticals chemicals 

concern, is raising a S200m 
multiple facili ty, with a final matu- 
rity of seven years. It carried a fa- 
cility fee of fti point and interest 
paid at libor fiat Utilisation fees 
are five basis points tor up to one- 
third, 7.5 basis points for up to two- 
thirds and 12.5 bn«H«; points if more 
than two-thirds drawn. Its a stand- 
by facility to baric up proposed in- 
creased activity in the Eurocom- 
mercial paper market 

The New Zealand Dairy Board, a 
public co-operative, is raising 
S250m through a multiple facility, of 
which SlOOm will be committed. Fi- 
nal maturity is five years, facility 


fee is five basis points and the inter- 
est margin is 615 basis points. 
There is a utilisation fee of five ba- 
sis points if more than half drawn. 
Bank of New Zealand is co-manag- 
er on the deaL 

In tiie Eurocommerdal paper 
market the US express mail com- 
pany Federal Express appointed 
First Chicago to arrange a 5410m 
programme with CIBC, County Nat- 
west Capital Markets, Credit 
Suisse, First Boston and Lloyds 
Merchant Bank also appointed as 
dealers. 

The US telephone utility AT&T 
also announced a $200m pro- 
gramme, with Citicorp, Morgan 
Stanley International and Swiss 
Bank Corporation International as 
dealers. 


Telettra 
boosts 
profits 
by 30% 

By John Wyfes In Romo 

TELETTRA. the Fiat subsidiary 
which is about to be merged with 
ltaltel. the state-owned telecommu- 
nications company, has reported a 
30 per cent increase in net profits 
last year to L40J2bn (534.1m) 
Turnover was L555bn of which 40 
per cent came from exports. Orders 
booked last year grew by 20 per 
cent over 1965 to total L7l2bn. Re- 
search and development spending 
amounted to LGdbn, 11.8 per cent of 
turnover, and efforts in this area 
were stepped up by the addition of 


More MsiMfional company 
news, Pages 24, 43 


some 356 new employees, bringing 
the company's payroll to 4,930. 

Nominating some of the most im- 
portant developments in the compa- 
ny's activities Last year, Telettra 
drew attention to the creation of a 
mobile radio division concentrating 
on the development of basic compo- 
nents and of transmission systems 
for private and public mobile radio. 

The company also signed a colla- 
boration agreement with Jeumont 
Schneider of France and with West 
Germany’s Telenarma aimed, 
among other things, at devetoping 
common te chnical standards in the 
context of the EECs attempt to se- 
cure greater harmonisation. 

• Ri uni one Adriatica di Sicurta 
(RAS), one of Italy's largest insur- 
ance groups, lifted 1986 net profits 
by 49 per cent from L27.5bn to 
L41bn (532.2m) AP-DJ reports from 
Milan. 

RAS, which is controlled by Alli- 
anz, the West German insurance 
group, wil] pay a dividend of L280 a 
share, up from L240 previously. It 
also announced plans for a captial 
increase to L155bn from LllObn, in 
part through a bonus issue. 


-• •: -,v. : 


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22 


INTERNATIONAL CAPITAL MARKETS 


Financial Times Monday 'May 11 19S7 


UK GILTS 


Election prospects 
dominate sentiment 


ONE WONDERS haw long the 
virtuous circle of a surging 
exchange rate triggering cut 
after cut in base lending rates 
can be sustained and therefore 
how much further yields on UK 
government bonds can fall. 

The look of the gilt-edged 
market has beea transformed 
in a matter of weeks. Not the 
least notable evidence of this 
change was the brief crossover 
on Friday between US Treasury 
bond and gilt-edged yields. This 
was an event which had widely 
been expected for later in the 
year but few, one suspects, 
expected it at this juncture. 

British bond yields now look 
firmly established below 9 per 
cent and sterling shows no sign 
of faltering. Nevertheless, there 
are many reasons to inject a 
note of caution into current 
trading. 

The Bank of England made 
it plain on Friday that it would 
use all its ammunition to fight 
market pressure for a furthetr 
cut in base rates, establishing 
an upward floating yield curve 
in the domestic money market 
and intervening in currency 
markets on a very substantial 
scale. 

While sterling remains on a 
rising note, falls In interest 
rates should not be inflationary 
and the latest cuts in base rates 
are thought to leave the stare 
of monetary policy no looser 
overall than before because of 
the pound's inexorable rise. 

However, there are risks. 
First, once Mrs Thatcher calls 
an election, the current bout of 
euphoria may lose some of its 
shine and markets will start 
concentrating for real on 
the Conservatives’ electoral 
chances. Yes, the local auth- 
ority results were bad for 
Labour and good for the 
Government and the Alliance, 
but the results still suggested 
a much-reduced parliamentary 
majority and a great deal can 
change in the course of an elec- 
tion campaign. 

Secondly, as no doubt 
Sir Robin Leigh-Pemberton. 
Governor nf the Bank of 
England, will point out in a 
major lecture this week, there 
still remains a large over- 
hanging glacier of liquidity in 
the form of bank deposits which 
could start to melt as returns 
on investments are steadily 
eroded. 

It is difficult to predict when 


the melting process begins and 
there is the risk that once it 
starts it may be too late to snuff 
out the potential inflation. This 
is certainly pert of the thinking 
behind the Bank of England's 
caution on interest rates. 

The current struggle to keep 
a lid on sterling has other 
important consequences for 
gilts because of the sheer scale 
of intervention in the foreign 
exchange market The bank’s 
announcement of a new £lbn 
tap stock to be sold at tender 
on Thursday — the day after the 
auction of short-dated stock — 
probably brought the point 
home properly for the first time. 

The only way to sterilise the 
build-up of foreign currency 
reserves is by selMng more debt 
Although, fortunately, the 
Government’s regular funding 
needs are relatively low this 
year, intervention of this scale, 
if it were to continue, would 
substantially increase the gilt 
market’s supply burden. 

It is dear that the Bank 
cannot attempt to sterilise 
intervention on a current, 
month-by-month basis because 
this would leave the market 
with acute indigestion (during 
an election campaign?}. 

Things can be evened out 
over the course of the year 
but there is likely to be hefty 
temporary acceleration in the 
growth of sterling M3. This 
could start to worry the 
market, particularly as narrow 
money growth appears to be 
quickening up as well — another 
argument against allowing base 
rates to fall further. 

The Bank’s fresh supply on 
Friday — sterling lbn of S per 
cent 2002/06 — Is thought to 
have been more out of market 
management considerations, 
rather than the need to 
sterilise intervention, although 
it will also help in this respect 
Whatever the thinking, the 
market did «nt like anri 
faltered for the first time in 
quite a while. 

So, where does the market 
go from here? The answer lies 
in politics. With the possibility 
of an election date announce- 
ment today, politics will now 
dominate and market direction 
will be set by the day-to-day 
swings and roundabouts of the 
election campaign. 


US MONEY AND CREDIT 


Japanese investors to the rescue 


Janet 


LAST WEEK’S $20bn second- 
quarter Treasury refunding 
passed with the maartmnm of 
fuss, but it passed safely thanks 
to that stalwart of the US 
government bond market, the 
Japanese investor. Bond prices 
actually ended the week on a 
rising note, with the old 
Treasury long bond picking up 
to end the week unchanged, 
yielding 8.6 per cent. 

But there were moments 
during the week when it looked 
touch and go whether the 
Japanese really would come to 
the rescue without some drastic 
rise in yields. 

The Japanese are a patient 
race of investors. Since the re- 
funding exercises this time a 
year ago when Japanese insti- 
tutions bought heavily, the dol- 
lar has fallen about 18 per cent 
This would not hurt so much 
if yen investors were still reap- 
ing capital gains on the bonds 
themselves. In fact, the dollar 
prices of last May's bonds have 
fallen almost as much again. 

If this sort of loss were not 
enough to put any Japanese 
Institution off dollar fixed-inte- 
rest investment, the currency's 
recent performance should have 
done the rest. Having glided 
gracefully down into the mid- 
Y150s, the dollar plunged last 
month to around Y140. "The 
dollar was falling too rapidly, 
" says Mr David Jones, an ana- 
lyst at Aubrey Lanston. “There 
was no way to get a fix on the 
low it would get to.”’ For the 
first time, traders were toying 
with the possibility of a dollar 
exchange-rate in double-figure 
yen. 

Large losses 

But Japanese interest in the 
refunding was just one of the 
market’s worries last week. The 
precipitous fall in the market 
in April has left many bond 
investors and Wall Street firms 
sitting on large losses. 

There were widespread fears 
that the four dozen primary 
dealers would be less ready to 
speculate on retail demand in 
buying up the issue. The know- 
ledge that Merrill Lynch had 
made embarrssing losses in 
mortgage-backed securities 
merely added to the tension as 
the market went Into the re- 
funding. 

The first day of the auction 
on Tuesday went swimmingly, 
with a stronger dollar setting 
off a small market rally. But 
this was a sale of three-year 
notes, a maturity too short truly 
to test inflationary or currency 


fears. Wednesday’s sale of the past two weeks influenced from $15.5bn to fillffbn. 
$9."5bn in 10-year notes went overseas interest in the auction. • The figure for housing starts 
■rosy wonky indeed, with the ti,;, achieved without’ ** April is due on Tuesday. The 
Japanese staying away in droves med ?“ ^ 25 « 

despite a yield no less than 5.7 an increase of 1.75m with a 


Thu was achieved without 
ikbuster movements in 

despite a yiem no xesss u**» ».* mm-rmW tw *“ 

percentage points higher than •• snugging 'Mn *■» 1-8“ to «*“■ 


despite a yield 
percent 

their home variety. 

For some observers on Wed- 
nesday, the Japanese investment 
co mmuni ty was telling the 
world that it believed the dollar 
really would fall under Y90 
over tiie next 10 years to wipe 
out the yield differential. After 
alb the dollar was trading at 
Y260 just two years ago. Alter- 
natively, the Japanese were en- 
gaged In terrorising the market 
Into pushing up yields for 
Thursday’s long bond auction. 

As it turned out, Japanese 
investors piled into Thursday’s 
$9ff5bn issue of 30-year bonds, 
picking np between Wbn and 
$5bn of the bonds on offer at 
an average yield of 8.76 per 
cent 

Short trades 

The day had been saved even 
at the cost of a 125-basis point 
increase in yield aver the last 
such exercise, in February. And 
there were some doubts about 
the long-term Intentions of the 
buyers. “ The bonds are in 
relatively weak hands,” says Mr 
Jones of Aubrey Lanston. “ The 
yield was bid up high enough 
to make the bonds temporarily 
attractive for short-term trades. 
You could buy at 8.76 in the 
auction and seU at 8.69.” 

Indeed, it is h.ard to find any' 
body willing to bet the respite 
from rising interest rates is 
more than temporary. The 
market is as anxious as ever 
about the dollar. It is probable 
that the dollar's relative stabi- 
lity in the Y188-140 range for 


US TREASURY YIELDS 


9*- 


May 7,1987, 



68 - 


• « 

Mortis 


■•April 9,1987 


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by the Federal Reserve and a 
little downward movement in 
interest rates in West Germany 
and Japan. 

But in the absence of a com- 
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Redwood City, California. 

• Most attention will be fixed 
on Thursday’s report on mer- 
chandise trade for March. The 
median estimate, out of 38 sur- 
veyed, is for a deficit of 813ffbn. 
However, the range extends 


_ Retail sales in April will be 
published on Wednesday. Out 
of 38 estimates, the median is 
for an increase of Off per cent, 
with a range extending from an 
increase of L7 per cent to a 
decrease of Off per cent 

• Friday sees the publication of 
movements In producer prices 
in April. Out of 38 estimates, 
the median is for an increase 
of 0.4 per cent The range 
spreads from Off per cent to 0.7 
per cent 

• Figures for Industrial pro- 
duction in April are also expec- 
ted on Friday. The median esti- 
mate, out of 37 surveyed, is for 
a rise of O.t per cent The range 
extends from a decline of 0.7 
per cent to an increase of Off 
per cent 

James Buchan 


US MONEY MARKET RATES (%) 

La* lmaafc 4«hs 

FiMw N* N* 


HM Law 


FedFmd«(WMkiyavai*fa). 
Hi m m a rth Tl aaiu n r S lfci - 


Three enath prime CB« . 


at Pap* 
■IP** 


AM 

sot 

AM 

MV 

4» 

L7I 


TJX 

iS 

an 

us 

4.75 


US 

sjo 


us 


313* 

*32 


*35 

7.70 


5.71 

Ml 

S3* 

94* 

155 

MS 


US BOND PRICES AND YIELDS (%) 


4wte 


M 


20-yeroTts 


m*3fr*aar 

Mw* a M”Li 


& 


3 % =a 

* rta 


Haw Law* • 


ml* 

rtn 


AM 


near 


us 

U9 


7.77 

an* 

m/m 

MO 

US 

US 


__ Srtomett Bros tmtOnmai. 

—mu T rrfr Hi *• a** MM April 37 Ml 


I ftjr SUM *» fHSfta. 


mtl TOKYO BOND INDEX 

pmroaMANCEINMX- 


BmnNira 2943 - 100 

7/3*7 

*ssr 

Lart 

week 

32 whs 

2*«eKs 

at# 


M*prri 

*77 

14030 

33*98 

22A9S 

■ 1111 ■ — 

■MBVTrrri 

*21 

14*76 

13*87 

35*3* 

15*00 

12*96 

23*54 


pjnnijr y'l 

*55 

*61 

14*40 


X f f 


15*53 

15U2 


» = " i, 


*09 

ABB 

15733 

15*44 

15*10 

X9SL20 

12*85 

35*69 


*0* 


437 

*22 

*57 


FT/AIBD INTERNATIONAL BOND SERVICE 


ABN Bank 8% 91 
AatnalJfe&Cas7%26__ 

AHFCCVSFtaUVTO 

A I DC 1189 ______ 

Alan Australia U 92 

American Exp* 12% 88 

Allan Dev Bk 11% 93 

Australia U% 90 

Australia 11% 00 

Austria Zero 99 __ 
8k of Montreal 14% 87 

Bank of Tokyo 8% 96 

Bank of Tokyo 1190 

BrafcdfTokyoll%90 

Batt Of Tokyo 33% 89 

Barclays Jersey 10% 90. 
Bodays Jersey 10% 95- 

Bctfllwn 7% 91 — 

Belgium 7% 91 

Brtawea Prop 7% 93 - 

BFCE7%93 


BM Ckt oa 
■rice weak 

*3 

3 


US HOLLAS 
STRAIQHTS 

150 
200 

UN 101% 

75 1*0% 

00 103% 

150 105% -*% 
100 109% -1% 
100 106% 0 
MO 109% -0% 
MB 47 -0% 

100 100 % -«% 
100 9* — •% 

125 105% -0% 
MO 109% -0% 
MO 111 -0% 

250 103% — 0% 
050 10*% -0% 

250 95% -0% 

300 96% ~S% 
150 93% -0% 

100 92% -0% 

Bk Nora sewn 13% 87 — 100 100% -0% 

BNP 8% 93 ______ 125 90% 0 

BNP 13% 89 ISO 110% -»V 

BP Capital 9% 93 350 302% 

BP Capital 11% 92 ISO 106% 

Br Col Hydro 10% 88 200 101% 


AM 


1134 

AM 


Br Col Hydro 11% 93 

Campbell Soup 10% 95 — 

1 10 % 88 

1 11% 90 

i Imp Bk 16% 91 — 


Can Nam Ran 14% 91 
Canadian Padfle 7% 96 — 
CamBan Pacific 10% 93. 
Can Pacific Sea 15 89 

Canadian Wheat 11% 90 _ 

CCCE7%91 

CanmotS&LOlD 

Chevron USA 12% 89 

Citicorp 11% 92 


112 % ^ 0 % 
MO 107% -1 
500 M3% 

900 107% 

MO 111% 

100 109% 

100 80 % 

MO 104% -1% 

75 111 -0% 

SO lM — 0 % 
113 


=B 


•94% -«% 

un% "o'* 


Coigate-PaUnollw 9% 96.- 
Cora Back Australia 10 93 
Com Bk Australia 12% 89 
ConUaemai bp 11% 93. 
Crocker National 10% 80 
Deri Kraft A 10% 96 SW 
Denmark 098, 

Denmark 7 88 . 

Denmark 10% 9 0— — 
Denmark 11% 92 . 

1 13 923 


! XW 

Denmark 13% 91 

Deutsche Bk Fit 13% 89 

DKBAsta8%91 

DutebStMI«sll%91 _ 

ECSC789 

ECSC8%TO - 

EEC 9% 90 ■■ ■■ 

EIB7%93 

EIB8%88 

EIB8%88. 

El B 8% 93 

EIB9%93 

EIB10%94 . 

El B 13 91 . 

El BUS 91 


100 M4% 
MO 100% 
100 104 
MS® 

75 101% 
75 100% 

mo nn% 
■ M% 
90% 
MO 182 
MO 109% 
300 MS 
MO 


- 0 % 

=a 


Ml 

9J3 

*32 

9.91 

9L6* 

HM 


8 M 


*54 

BM 


9J4 

0.95 


Ml 


*00 

*40 


904 

904 


van 
1130 
*32 
*60 
90S 
i« m 
Ml 
10.97 

114* 

HA 

9*2 

*14 

an 

HOT 

*08 

VS 

MM 

7.90 


100 97% -0% 
73 9B% — *% 


947 

14* 

am 


MO 


100 

MO 


£ 


Ekspwtftans094. 
Elec de France T 


Elec de Fr 14% 89 XW . 
EH Lilly 10% 90. 


95 A. 


73 107% 
360 50% 
MO 104% 
200 110 % 

150 106% 

Emerson Elec 9% 95 SW_ MO 103% 
Ermefturt Carpn 11% TO 100 M* 
EuuftaftfeLlfel0%92_-_ MO 104 
Enroflma9%TO . 

Euroflna 12% 89 
Export Deed 10 90 


-3 


7J 

900 


a» 
0 J3 
AT* 
940 
Ml 
aa 
*12 
*59 
*52 
AB7 
045 
*84 


Export Dcvri 10% 88 
Export Dewf 11% 89 
Export Dewl 12 



941 


A22 

045 


t Fin 10% 89 

From Credit Crpo 7% 93 100 

Finland 12% 94 — 

Fort Motor 10% 93 
Fonmarta 8% 91 _ 

Fuji Bk*Tsc7%91 
Fa# Inti 10% 90 — 

Sax de France 12% 93 135 

Ken Elec Crad 9% 91 MO 

Gen Elec Cred 10% 90 
Gen Elec Cred 12 94 

Getty OH 14 B9 

G MAC 10 68 

GMAC ID 92 

Grant FinanceU^m — HO 

Hiram WaHter"i*W 
Holt Air Fin 12% 91 
IBM 9% 88 

IBM Credit 10% 89 ... 

IBM WrW Trade 12% 92 200 
1C Industries 12 90 — 75 

Iiko99Z - 

I ntl Bk Jap* 10% 92 ZOO 

bid Bk Japan fh 8 93 130 
Int-Amer Dev 12% 91 __ 150 

Int Paper 1291 75 

IPF12%92 MO 

Italy 8% 91 
Italy 9% 96 

ITT Credit Corp 1D% 90 75 

Japan Air Lints 8% 96 150 

Japan Dev Bk 10 92 
Kel tog Co 10% 90 .. 

Uberty Mutual 8% 96 
Lockheed Corpn 7% 89 IS* 90 
Long Term Cred U% 90 MB 105% 

Long Term Cred 11 90 MO 306% 

Long Term Cred 11% 89 MO 103% 

Manitoba 7%% 150 08% 

Manitoba BV91 _____ 125 99% 

Manitoba 13% 89 100 UO% 

Marta & Spencer 8% 9b 190 94 

Marofaan! 11% 91 100 106% 

Mercedes Credit 7%93 _ MO 92% 
Mercedes Credit 7% 93 _ MO 94% 

Merrill Lynch a 93 20* 99% 

Merrill Lynch 989 200 MU* 

Merrill Lynch 0/S 10% 90 200 WO. 

Mitsubishi Cp 10% 92 100 304% 

Mitsubishi Eat 10% 92 50 U3 

Mitsubishi Fin HK 11% 90 MO 307 
Mtartistt Fla HK 12% 91 MO * 11 % 
Mitsui Tst Fin 12 91 100 307% 

MobU Corp 10% 90 300 Ma% 

Morgan GQr Tst 12% 89 _ MO 108% 

Morgan JP 11% 9H MO M6 

Motorola 1294 , 75 ZM 

Mount I si Flq 13% 87 __ MB 100% 

Nat West Fin 11% 92 ISO 111% 

Ned Gasunla 11% 90 75 109 

New Zealand 7% £9 500 97% 

New Zealand 7% 91 200 94% 

Hew Zealand 7% 91 ___ 250 94% 

New Zealand 8 93 100 94% 

Mew Zealand 8% 93 ___ ISO 96 

New Zealand 10% 95 MO 103% 

Nippon Cred Bk 13% 89 100 109% 
Nippon Tel * Tel 7% 94 130 92% 

SSissftn land 18% 92 HO 104% 

Nona Santa U% 91 300 IDS 

KSW Treasury U% 90 — 350 183 

Olympia & York B% % 435 «% 

Ontario Hydro 10% 90 __ 250 104% 
Ontario Hydro n% 89 — 200 106% 

Ontario Hydro 13% 94 208 U2 

Oncrto Hydro U%90 200 100% 

Ontario Hydro 13% VI __ 100 1X4% 

Ontario Hydro 14% 89 150 111 % 

Ontario Hydro 1592 15* 224 

PaeWe Gas & B 12 00 75 113b 


an 

9.04 

9LA4 

US 

A92 

*67 


9JO 


15.98 

*21 


1*73 

1140 


AM 


an 

MS 

*91 

**6 

*41 

*67 

*08 

A94 


1054 

an 

*23 

AH 

9J0L 

A61 

*31 

9A2 

US 

*61 

*47 

*62 

941 

*21 

AM 

92« 

*54 

an 

AM 

A9f 

*23 

*91 

*33 

941 

A7Z 


AM 

AM 

948 


- 1 % MM 




AV7 

AM 

AB 


AM 

ASS 


AM 

*51 


Pwwey JCU% 90 MO 

Penney JC 12% 91 MB 

Pepska Capital 8% 91 MO 
P«iro-Ganada7%96 HO 


am 
An 
*Q 
as* 
AM 
A59 
All 
*23 
*82 
1029 
si 11 

Ell 


PWtaMorris9%98 ___ 200 

PostOch KredX3%87 3* 

Pasttps*klll%90 75 

Proctor* Gam 10 95 MO 

PruRlty Secs 099 915 

QantasAln«ns8%96 __ *7 

QMbKPravl390 MB 

Queenrid Gw 11% 89 MO 

Rabtna Porfna 11% 95 150 

Reynolds A J. 10% 93 MO 

RkhardsM-VIcta 11% 93 125 

RndtweB I nt 9% 90 208 

Saskatchewan 7 91 ___ 325 
Sashatstiewaa B% 91 ISO 

Saskatchewan U% 89 MO 

Sasbatdieenu 15 92 330 

SAS10% 95 ______ 130 

Scot Inti Fin 10% 90 _ 

Sears O/S Fin 098 

Sears (VS Fin 11% 93- 
Sous Roebuck 10% 91 . 

Sec Padfle 3D% 88 

Shad (Canada) 14% 9Z. 

Shea Oil 9% 90. 


+ 0 % 


*M 


19%9 

dM10%89._ 

StBkSthAnst9%99 _ 
State Elec Vlct 10 92 _ 
StfaAusGo>Fhi8%93 « 
SamHotno Fin U% 92 _ 

Wwfll t M. 

Sweden 10% 92 

Swedish Exp CTO 9% 93. 
Wish Export 11% 89 . 

Tafts Kobe 11% 90 

TaftoKabel290 

“ r89. 


100 


150 


Texaco Capital lfiU 89 288 

Texas Inst 11% 91 350 

Toka)Aslall%9S MO 

Tokyo Metro 8% 96 HO 

UBS 12% 91 100 

UnHever Cep Cp 9% 92 150 

VfctPBCAuth8%96 MO 

Warner-Lambert 8% 96 _ MO 

Welti Fargo 13% 91 MO 

Weyerhaeaserli%go__ 60 

World Bw* 7 TO 3N 

World Beak 11% 90 

World Bade 11% 89 — ^ 

World Baak 11% 90 , 

PLMTmaiAT* 

MOTES tl 

AtadtaHonslnol/lDQl_ 

Aiierta P iu vl uu e A V3 

AKaace & Leks 048 94, 

Allied Irish %9S 

Amor S ALD-1596— ~-~ 

Banco dl Skfta & 92__ 

Baek of Boston % 2000 

Bk of Montreal % 96 
Bankers Tr NY % 94 __ 

Bnq lodomez % 91 XW £ 

BardaysOfS lmr%04 

BB LI (Id 93. 


*72 


ta 


1147 


AM 

AH 

*94 


*14 


2846 


Ml 

AOB 

as 


Be%kan^04] 
ihftMiSan 
Bilbao I rtl OjQ35 01 ■ 
8NP05.^HH 


400 99% * 

4M 99% -0% 
400 99% 0 


70 


Central ton 1/1000 , 

Centra* 0.13 96 

CEPME % 96£ ______ 

rhesa MwbaBah%99 __ 
CtaseManftBttaa%09 — 

Chemical NY i 97 

OtkwpOVS%94 

Ctttrem Fed(U596 

Commenbarti%89 

CooBcilrt Europe 93 

Crttl for Exports % 92 

Cradt Fonder A94 

Credt Fonder 97 XM 

CndH, Fonder % 00 £ MO 

CfW»LyonOiJs%99 230 

Credit NBdaart£ 95 — _ 179 

Crwfitanstall A 96 350 

Eldorado Nuke 09 MO 

EMEL%93£ MO 

EMEL% 00 ________ 500 

Ferro Oct Slat 10095 MO 

Ferro Del Scat 97 «N 

Hrtpap%95 MO 

First Back Syoeni % 97 __ HO 

First Chicago A 96 125 

Ford Motor Cr% 91 2M 

Gerttance%94 MO 

Grlndfairi%94 MO 

GW<VSR«i%94 Mi 

Kairrax BS 2/2396 CA)-—_ 130 

MaOfax 88 212596(8) XM 

Uamiscbe Leaded* 9b — MO 

ka)rod%00. 
lretnd%96£. 

Ireland % 97. 
taebner % 90- 

250 

Kune Exchange Bk % 00 108 

UacotnS 6L%99 200 

Uutbi Corpn %0l_ UO 

Malaysia % 92 - 230 

Malaysia i 05 : 68* 

Marine MMInodd 09 ISO 

MkSand Ind % TO_____ MB 

Mi* Marketing & 93 75 

Hired FVi% 96 MB 

Morgan JP%97 250 

MsgMarmen%30£ 50 

Nat Bank Canada % 91 30 

Km Ban k Croatia 96 MO 

Nat Bauk Croatia % 98 
Nat Bk Detroit % 90 _ 

Nat WCst A 05 _____ 

Nat West Fm% 92 

nationwide 1/10 9b 
Nad Com % 94 


**% 




7% 




m . ■ » 


*7% 


I nDO Bancorp % 2003 1 
Northeast S mrlllOTOl 
ONGC d TOHMH 

0sterLandbkl*99| 

PNC Fta It 97 
(kiebac Hydro 20021 
a na anri wtCqaUQDl 
Regie OtympTOuej 94 M 
Sana Barbara SOL % 95_ 
ScBRdbmla Fin % 90^H 


180 9gi +H 6% 

MO MOV ^ 7% 

= £ & T i 

S5 99% -*e 3 

a : a 



United KtaQdonUt % ■ 
Vereiowast (VS Fin *1 
Wafts Fargo QXa i92^H 
Wells Fargo % 97 wM 
WaBsFatpo%98 
Wefts Fargo % 00 B| 
WOOTOkte Rn (F«b)9J 
Woolwich Endt 1 , 95 j 
World Bank 03594 J 
ZamralUndKarov* 



BET6%01£ 
Canon 3 00 


:3%98 
Fo8tsa399. 


Gbaltar Sarings 7% 06_ 
ITT 4% 87 . 


80 200 % 
HO 117% 
99% 


-1 


R * 
3* 


KkxSepCare lne6%96. 

L u t ta ro -T el e p ta b (0. __ uo we 
NnromntMMng7Ql — 200 12* 

Nippon Seiko 3% 99 TO lags 

Ssaia'SS.* 7 .™: £ « 28 

Southwest Afr 6% 96 _ 

Swiss Bank Cor b% 90. 

Texaco Capital U% 94. 


—140 
2 JO 
2747 
2.71 
9*12 
111 H 
-AM 


9A56 


Trorita Ceramics 3 00. 
XwnCmpnSBB — 


141% 

w% 

124% 


+ 0 % 

-«% 

+1% 


7*50 

-*» 


75 96% —•% 


AHedS%nBl6%93_ 
Avon Prtdrots 6% 91 . 
Banners 0/S 696 — 
8FCC5%TO 




26 105% 

m 103% 


MadU Padfle 6% 96— . 

remark b% TO 

Dow Chemical 7 94 

EbroHma6%95 

Eufoflina6%92 _____ 

FNMA 6% TO 

GMAC 6% 90 


+0% 


» *& -ft 

SO 10 « - 5 % 

0 187% - 0 % 

M 104% 0 

SO no o 


0 

225 


+ 0 % 



lnteHtmerDev7%93. 

Intel 6% TO 

ITT 6% TO 

McDonald Coro 6M 
New Zealand 7% 90 
Niw2enhmii7%89 
Penney JCb% 92 _ 

BSS«K 

TRW 7 94 


LSXntSTRAIOHT* 

Asto Dev Bank 6% 87 400 — 

El B 10% 94 Uo 107% — 

EiartiamlOTO *00 105 — 

EurCoiLStilO%94 Urn 183% — 

Rearo*Aa:7%n _____ 500 UO 

SOUDAN OH Chgew 

SnUUMIU taswefl price week 

ABN 7% 89 ________ 250 103% -«% 

ABN 8 89 _______ 200 M2% -0% 

Amro Bank 7% 89 ______ 150 102% -*% 

n.-ir nwB - 200 UHt -0% 

Beatrice Foods 8% 89 ___ Mi 203% 0 

Bk Maes & Hope 8% 89 _ 100 MS% -0% 

CCflatx»889 ■■ ISO 183% -=®% 

MO M7% -•% 
:B% 89 MO M3% -«% 


VMM 

*03 

*29 

*94 

*90 

*91/ 

*41 

UT 

*X> 

*47 

*M 

*54 

6.73 

*37 


*07 

441 


*57 

445 

6 » 


VMM 


ADS 

*04 


as- 


Naw Zealand 8% 89 


Al DC 10 91. 


ImwM friee weak 
3W — ffi% 

AMtResU%92 — Z 50 208% -60% 

BMk of Tokyo 10% TO 7% UB 8 
Bropii Imkouef 1491 _ 75 111 8 

V Col Haoic 12% 91 300 UO -8% 

Br CM Made 13% 91 MB 111% ~ti% 

Br CM Tele 12% 89 70 2*3% • +•% 

Ftam Cred Corp 12% 90 _ 73 207% +fl% 
KeSogg Salada Can 9 92. 50 96% -1 

LnrtCltylOVTO 40 201 -1% 

Mroix«afCityl2%91 “ “ — 

New Bnamvtok 12 95 
Nora Scacta 11%9S _ 

AgyalTnatcal0%9O 


— 7J1 


YUti 

U6 

611 

AM 

AM 

A59 

A0 

AM 

AX3 

652 

A22 

YleW 

*92 

*56 

1031 

3AM 



AegroNV7%95 

AH NtocnAlr99S 

-Australia* NZ 10% 91 _ 
-Austria 10% 93 

BFCE8V93 

BFCE9VTO 

BNP 8% 95 

CabseNatTate9%92_ 
Chrysler Fir 9 TO _____ 
Oolge ie l* rt nmH » e 891_ 

Cred Lyonnais 6% 92 175 

■Cred Nattokl 10% 94 — SB 
8% 94. 



E1B1D%94 
.-El 811% TO 
Eumam7%« _ _ 

- Genflnaa ceU.90 

'-Giro Vienna ia%93 _ 
•GTE Finance 10% 92 . 
-lrataqdm%9S___ 
-MaflroGostlO%TO_ 
-tadlroTreasU%90 . 
Italy 9% 89. 


*KredMbrakL9%92 _ 
Morgan Gty Tst my 90_ 
tRqyal Bk Can 103B9_ 
■ Swa d hti Export 11 89 _ 

-WaetLBlO%91 

-World Sank 20% 88 __ 
AU8TKALIAN BOLLAB 
SHUU6HTS 

'BMW Fht A 13% TO SW _ 
Dautsche Bk nn 12% 91_ 
NatAust8kl2%89 ___ 
Wewpac Bkq 12% 90 


MO 102% +2% 

M2 TO% +•% 733 

358 106% 8 7.90 

50 104 +«% A46 

lM UO 0 *H 

250 102% +0% . A37 

ISO UO +0% 73* 

75 KO% 0 *Z7 

13 189% 0 747 

75 102% -60% AM 

73 1«.% +0% 740 

95% O 744 

58 106% -1 BJB 

£ 1 2? 7J9 

S + ®^ 7.98 

55 3flS% 0 *95 

50 107% +0% *02 

182% +5 *79 

02% * 0 % 746 

73 106% • 939 

100 97% 0 7.75 

70 306% +1% *67 

50 M7% 40% *00 

jo U8% +0% *90 

MO 103% 0 *18 

*■? +«% M* 

*M !«% 0 735 

13 MZ% 4-0% *64 

W +0% 749 

85 US) 0 *96 

57 10» +0% 931 

50 1B7% 48% 841 

IM 102% 40% 049 

BM ChflM ' 

price art 
102 0 


Yield 

1*33 


39 


94% 8 

BM Chian 


MffMIIIIJ lMi prin ■Mfcfd| 

§§-?• 

EECU%9«__ SO 3MU wro. 


204% 

Wl 


M a 03% ♦*. 

HalBax BS 9% 93 _____ 

I ndB Japan 11% 95 

M Stand Eke U%89___ 
hNanun Indus U]%93__ H MB% -ax 

tMlJbfCZ 50 107% — 2% 

M 30B% e 
wo 94% 4-1% 

3 

. MO 

YhmaieMS5% 

jnwmr 


World Bank 10% 89 

- - TtU%aa 

3%91XW. 


1530 

2*90 


938 


*47 

*56 

1031 


A89 


Drehta ? keCreda%» 0WB9 
Denmark 32% 92 ___ 3MU90 122% 
FkmWi Exp Cr 12% 91 .S1/UJB9 UU, 
fieneral Dec Crd 1294. 2502A7 209 

MeOmldsll%94 sum 185% 

MtBfibid Fktxn^91_ 3fUJM lH% 


Morgan JP11% 90 UMJ ]M% 

NonOe I w8ak 7% 96-50/10)91 54% 
Wai ft ar . 0« i* g_ 1 2% TO- 3Uim 111% 
9000337 184% 



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A 2 C | EMenUK5%98 175 

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■.r <h 



financial Times Monday May 11 1937 



THE FULL POTENTIAL OF THE GLOBAL 


EQUITIES MARKET IS ABOUT TO BE REVEALED 


fn 1964. Reuters introduced the first com- 
puterised equities quotation service in Europe. 

Since then the appetite for information 
from world equities markets has grown beyond 
all recognition. Today we are seeing record trading 


volumes and a vast array of new instruments. 

To meet today’s explosive growth and the 
market's demands for the future, Reuters has 
developed a new communications network and 
computerised quotations system that will 


deliver worldwide securities information with 
unrivalled speed, accuracy and efficiency 

After investing millions of pounds and three 
hundred man years on software development, 
Reuters now has the technology in place. 



O W A R D S ► 


2 0 0 0 ► 



i 



\ 





24 


\ 


Knancdal Times Monday May 11 1987 

TTVTFTC NATION AT, CAPITAL MARKETS and COMPANIES 



Paul Betts previews an important test for the French Government’s sell-off programme 

shapes up to challenge foreign rivals 



MR PIERRE SUARD suggested 
at the weekend that be could 
provide Mrs Thatcher with a 
few tips on how to run an elec- 
tion campaign. Preparing for 
privatisation of Compagnie 
Generate d’Electricite (CGE) 
has been like running a high- 
geared election campaign, said 
the chairman of the large 
French nationalised telecom- 
munications and heavy 
engineering group. 

Even in the executive jet 
taking him to London for a pre- 
privatisation roadshow, Mr 
Suard could not resist trying to 
sell a few shares of bis company 
to the air hostesses. 

From the beginning, the 
flotation of CGE has been 
widely regarded as the most 
important privatisation so far 
in the French Government's 
slate sell-off programme, not 
only from a financial standpoint 
but also from an industrial 
point of view. 

At the sam? time, the CGE 
flotation which starts today 
with 39.6m shares at FFr 290 
($48.90) each on offer will have 
a major impact on the success 
of the Government's future 
privatisation calendar as well 
as for CGE itself. 

" Privatisation will once again 
equip the group with the similar 
weapons of Its main interna- 
tional rivals to compete in an 
increasingly tough international 
environment." said Mr Suard. 
41 Like our competitors we will 
now once again have access to 
the financial markets and we 
will also rid ourselves of 
government intervention." 

Unlike the previous privatisa- 
tions in the French Govern- 
ment's programme, the CGE 
operation has been linked with 
a record new share issue for the 
group to strengthen its balance 
sheet and help it abso rb the 
recent takeover of ITT's tele- 
communications assets. 

While the state sell-off is 
expected to raise about FFr 6bn 
for the Government, the new 
share issue will provide CGE 
separately with FFr 6.3bn in 
fresh equity funds. Moreover, 
FFr 6.1bn worth of existing 
non voting shares will also be 
converted on a 1-10 basis into 
new voting shares which will 
further strengthen CGE’s 
balance sheet. 

“After the capital increase 
and the conversion of non- 
voting shares, the group's 
equity capital will double from 
FFr 8.5bn to FFr 17bn. This 
will give us a balance sheet 
more in line with a major com- 
petitor like Siemens." explained 
Mr Pierre Bilger, CGE's execu- 


tive vice-president and finance 
director. 

The past few years have seen 
a major transformation in CGE’s 
industrial weight and structure 
following a series of major 
acquisitions and mergers. In 
iis telecommunications, busi- 
ness communications and elec- 
tronic sector, which now 
accounts for 60 per cent of its 
total sales — estimated at 
FFr 132bn this year-— CGE's 
-Alcatel subsidiary first absorbed 
the telecommunications assets 
of the French Thomson group 
and then took control this year 
of ITT's telecommunications 
operations, making it the 
world’s second largest tele- 
communications group after 
American Telephone & Tele- 
graph. 

In the energy and heavy 
engineering sector, it acquired 
a 40 per cent stake in Frama- 
tome, the leading French 
nuclear plant manufacturer, and 
Jeumont-Schn eider's railway 
business to make it the world's 
largest manufacturer of railway 
engines. 

Although these acquisitions 
— largely engineered by Mr 
Georges Pebereau, Mr Suard's 
predecessor — have enabled 
CGE to gain what it regards as 
the critical size to compete in 
its main Industrial sectors, the 
group has increasingly needed 
access to financial market to 
bolster its balance sheet and 
give it the flexibility to compete 
internationally. 

Indeed, the last few years 
have seen a dramatic inter- 
nationalisation of CGE's busi- 
nesses. Once regarded as “an 
arsenal of French government 
orders ” relying heavily on the 
French telecommunications 
authority for its telecommuni- 
cations orders and on Electricite 
de France, the state electricty 
utility, and the SNCF state rail- 
ways for its captial goods 
orders, CGE has now had to 



Pierre Suard (right) and Georges Pebereau— a “ nuts and 
bolts” manager took over from a virtuoso dealmaker 


branch out and seek new mar- 
kets. 

“Today France accounts for 
about 40 per cent of our total 
sales and the state monopolies 
for only 40 per cent of our 
French sales, in other words for 
only about 15 per cent of our 
total turnover, while 60 per 
cent of our business is now 
done outside France,” said Mr 
Suard. 


with the size of the financial 
operation a more speculative 
character than the previous 
French privatisations, including 
those of the Paribas and CCF 
banking groups and the Saint 
Gobain glass and pipes concern. 


Moreover, CGE now faces par- 
ticularly strong international 
competition since its activities 
are focused in either mature 
markets like heavy engineering, 
nuclear and shipbuilding, or in 
growth markets like telecom- 
munications where competition 
is intense. Mr Suard is now also 
seeking to develop and expand 
a third core business sector for 
CGE in industrial services. 

The spread of CGE's busi- 
nesses in mature or highly com- 
petitive growth sectors has given 
the CGE privatisation coupled 


The acquisition of the ITT 
telecommunications businesses 
and of the 40 per cent stake 
in Framatome have raised in- 
evitable doubts from Investors 
throughout the CGE privatisa- 
tion campaign. But Mr Suard 
appears to have convinced the 
financial community that the 
technica l^ pr oblems which be- 
devilled ZTTs System 12 digital 
switch have now been over- 
come. 

Warburg Securities, for 
example, says in a long report 
on CGE that “in our view, the 
initial problems with System 12 
have now been solved.” Mr 
Suard adds that he expects the 
new Alcatel telecommunications 
group to install 2.5m System 12 


HOW CGE COMPARES WITH SIX MAJOR RIVALS (Hr bn) 



Siemens 

General 

Eiectrie 

Philips 

Plessey 

GEC 

Ericsson 

CGE 


(Germany) 

(US) 

(Netheriand) 

(UK) 

(UK) 

(Sweden) 

(France) 

Turnover 

155-2 

224.0 

159.6 

142 

50.9 

30.9 

1323 

Net profit 

4.9 

15.2 

2.9 

0.9 

44 

0-8 

2.9 

Net margin 

11% 


1.8% 

43% 

7A% 

U% 

2J% 

Indust rail investments 20.1 

12.5 

12j4 

^JO 

29 

13 

5 A 

R&D 

17J 

2U 

n/a 

0-8 

43 

3j0 

llJO 

Number of 
employees 

343,000 

359,000 

344200 

34J66 

164,536 

n/a 

240400 

% of turnover in 
telecoms 

23% 

35% 

29% 

47% 

14% 

41% 

*26% 


* This does not include business communications activities and other electronic businesses now integrated 
in the new Alcatel NV group but only telecom operations. If Alcatel as a whole is Included it 
would represent AO per cent of CGE sales. 

Currency conventem: DM = FFr 3J. $ = FFr 4.1, H = FFr 2.9. £ = FFr 9.7. SKr = Ifr 0.95. 

Source: Ftuchiar-Maonan/Robtrt Pluming Stcuritlas 


lines this year, which would be 
more than the L5m ifnoa of the 
French E-10 digital switch due 
to be delivered this year. 
Alcatel has also made FFr 7-2bn 
in provisions for restructu ring 
and other costs to cover the ITT 
merger. 

As for Framatome and the 
nuclear business, Mr Suard 
acknowledges that orders for 
new nuclear plants are drying 
up. However, he argues that 
Framatome still b as orders to 
complete and that it is likely 
to benefit in the next few years 
from a growing replacement 
market for nuclear reactors. 

All this makes CGE confident 
that it will sustain higher earn- 
ings in the next few yean. After 
reporting profits of FFr 1.7bn 
last year, earnings are expected 
to rise to about FFr 2.8bn this 
year. Mr Bilger says the group’s 
net margin this year should be 
at least 2.1 per cent of sales 
of about FFr 132bn or more. 

Although Mr Suard says that 
CGE remains on the look out to 
seize possible new acquisition 
opportunities, the next few 
years are likely to involve a 
period of consolidation as the 
group absorbs and restructures 
its recent spate of acquisitions. 

Indeed, the appointment of 
Mr Suard himself last summer 
already reflected this new 
phase. While his predecessor 
Mr Pebereau had been essenti- 
ally a virtuoso international 
dealmaker who the French 
nicknamed “the Florentine”. 
Mr Suard has the reputation of 
a “nuts and bolts" industrial 
manager. 

Well-known among his peers 
for the way he built up CGE’s 
Cables de Lyon subsidiary. Mr 
Suard was virtually unknown by 
the general public before he 
took over as chairman. How- 
ever. the privatisation compaign 
has thrown the spotlight on this 
typically French industrial 
patron who seems to have 
started taking an amused taste 
for the cameras and relaxed in 
his new more public role. 

Mr Suard will be all the more 
relaxed after the flotation of 
CGE has got off the ground 
today. But all the indications 
suggest that neither he nor the 
French Government need worry 
very much. Demand in France 
for CGE shares is expected to 
be strong and the 20 per cent 
of the offer reserved for foreign 
investors is already several 
times oversubscribed. Grey 
market quotations in London on 
Friday were hovering around 
FFr 370, already suggesting a 
hefty gain on the FFr 290 offer 
price. 


NEW INTERNATIONAL BOND ISSUES 



Amount 

BL 

uuftwy 

An. Eft 

roan 

T 

Prin 

BoekHaaw 

OffaryM 

% 

&S.D0UARS 

YawatsTraoport 

faadZMn 
HycmftHn.60nr.Mt 
McDonald's Gap. ft 
Alcoa f 

Sapporo Bmmriu H 
ttaonCop.1 

ZEE 

336 

Han 

65 

150 

1M 

78 

1652 

1993 
1992 

1994 
2002 
1992 
1112 

5 

6 

5 

7 

15 

5 

5 

Z 

Via 

5 

m 

(WVO 
<21 
2 Vs 

100 

100 

100 

ISO 

169 

in 

100 

Kfcko Sacs ffmpa) 
BkCuttwfar. U. 

MnfinStantay 

CSF6 

Hamm fat. 
ffawurabt- 

2.900 

5.000 

2.750 

■ 

2.250 

CAHAOUH DOOMS 
fad Cndk Canada 1 
Me da Mntmal t 

108 

M 

1392 

1992 

5 

S 

10 

ID 

101% 

181% 

GaUoMB Sacks 
Bank ef Msoraal 

S.7SS 

9544 

ABSTBM1M DOLLARS 
State Bk of SJtatrala ft) t 
Craft Srissa finance £ 

Bapamfeype faanea t 
rmafthttef Autnla (g) J 
GMACAostrafiat 
Catnmhnh Ton fin- 1 
Deutsche Baofc fin. | 

H 

75 

35 

75 

56 

75 

106 

1992 

1989 

7999 

1694 

1992 

1989 

1992 

5 

2 

2% 

7 

5 

2 

5 

14% 

14% 

14 

14 

13% 

14% 

13% 

***;£!#*;? 

sssssss 

SKI 

esn 

Bay. Hypetb'a-aod W-Bfc 
Orion Royal Bank 
(batons Saak 
Cwaaiaubw* 

Oautscha 6k CapAlhtx 

13.149 

13-211 

13.154 

13J5S 

13298 

13349 

D-MARKS 

UMt 

280 

1997 

18 

6 

in 

DaatsshaBank 

■.on 

SWISS HUMS 
Taha Rnhway Col" It 
TbaamgVnwaradnftt 
Cranthan fiaaaca (a) S 

2 SSs-r* 

TanSw SdyUa" 1 
tnmmufit ■ 
®**Sah Eapwt W. t 

166 

16 

» 

66 

106 

108 

50 

100 

IBM 

1695 

1397 

1992 

1992 

1992 

1997 

1999 

- 

1 

S% 

13%) 

Vs 

4% 

(%l 

4% 

4% 

100 

in 

in 

in 

in 

m 

100% 

in 

sac 

nmrafas 

Snaraaa L'amn Amx 
SBC 

Craft Stasia 

ns 

SBC 

Otkaiplmr. Bvk 

t.rao 

IJ7S 

■ 

ojn 

4375 

4.593 

4.750 

STRUNG 

fapaaftaftfffa.lt 

MHn^SacLqrilt 

50 

158 

50 

1692 

2007 

1912 

5 

28 

5 

9% 

9% 

8% 

101% 
108% 
111 Vi 

ODoatylTWast/fapanCr. 
MMaagSacaritfai 
Morgan Granfe! 

0.742 

1319 

UMUtn HOURS 

20 

ISM 

7 

7% 

in 

Hat. Bank of Kowah 

7.500 

ECUs 

BFCE$t 
Carighlt 
ASUC-CGE8 fa. £ 

100 

50 

106 

1994 

1889 

1992 

7 

2 

5 

4% 

M 

7% 

in 

in 

101% 

Safami BraHhon 
Howarafat 
fapoa Eatapaan Bk 

4J25 

7.042 

YEN 

fad Mator Craft t 
Hydra (Mac t 
Onion Bk of faMt 
Mri 
okb{ 

Vfctom P-AntfcJfc. t 

14ta 

15bn 

IBtm 

30m 

25tan 

IDbn 

1992 

ISM 

1997 

1601 

1992 

1902 

S 

7 

19 

4 

5 
5 

4% 

4% 

4% 

4% 

4% 

4% 

1B1% 

101% 

101% 

101% 

101% 

101% 

HJ fat. 

Mint 

Fa? lot. finance 
Bk of Tokyo tot 
LTCB 1st 
BUfaL 

4342 

4.351 

4.591 

3.7B2 

3359 

4301 




* 


FM tanas. ** Prints atacammt. t F lat t i ng Mi nows. T Iffitk warrants. $ Wifli goU wamnta. B Curnwty- 

wtMe. (a) taMrti* pmtomZeEm. (h) Co«f<%% fttt W nriM assarik W JJ* «* J" 
hto gold, (a) (Mad to HU. (f) Coupon: raws 1-3, 8%%i yarn 4-6, 17% bp aw 3a Ubnr. IgJ w* bond wnants. 
Nets, folds an cafcalatad an MBS hub. 


'Hot yat 


Minebea advances despite strong yen 


BY YOKO SHIBATA IN TOKYO 


MINEBEA, the world’s largest mak- 
er of miniature fall bearings, over- 
came the yen's steep appreciation 
in its first half ended March 1987, 
raising pre-tax profits 4J per cart 
toYilSbn ($29m). Net profits were 
Y222bn, up 19 per cent 
Minebea, which depends on ex- 
ports for nearly 40 per cent of its 
profits, staved off the negative im- 
pact of die yen's rise by shifting 


mare of its production to overseas 
markets. Overseas production, 
mainly in Thailand and Singapore 
accounted for 97 per cent of Mine- 
bea’s bearing output, the mainstay 
of the company. 

During file past year, unit prices 
of bearing declined, but the fall was 
covered by higher volume sales, 
which led to an increase of 4 per 
cent in the sales by value during 


the six months. 

Sales erf electronic equipment and 
components showed a strong 27 per 
cent growth, surpassing hearings 
sales for the first time. Overall 
sales rose 18.5 per cent to YBl.Blbn. 

For the full fiscal year ending 
September 1987, pre-tax profits are 
projected at YObn, up 4.7 per cent, 
on turnover of Y125bn, up 10J5 per 
cent from the previous year. 


These securities have been soli outside the United States of America and Japan. This announcement 
appears as a matter of record only. 


yr syrys sQE 


28th April, 1987 


tfashiha 


TOSHIBA INTERNATIONAL FINANCE (NETHERLANDS) B.V. 


U.S.$40,000,000 

7 3 A per cent. Guaranteed Bonds 1992 


Unconditionally and irrevocably guaranteed by 


Issue Price 10116 per cent. 


Nomura International Limited 

Algemene Bank Nederland N.V. 
Kleinwort Benson Limited 
Mitsui Finance International Limited 


Chemical Bank International Group 

Daiwa Europe Limited 
Merrill Lynch Capital Markets 
Mitsui Trust International Limited 


Smith Barney, Harris Upham & Co. Incorporated 



BANQUE FRANCAISE 
DU COMMERCE EXTERHEUR 


Yen 17,000,000,000 
4% per cent. Notes due 1992 


Unconditionally guaranteed by 

The Republic of France 


Nippon Credit International Limited 


Mitsubishi Trust International Limited 


Nomura International Limited 


Bank of Tokyo International Limited 
Banque Bruxelles Lambert SA. 

Banque Paribas Capital Markets Limited ' 

Credit Lyonnais 

Dresdner Bank Aktiengeseflschaft 
LTCB International Limited 
Mitsui Finance International Limited 
Morgan Stanley International 
Shearson Lehman Brothers International 
Sumitomo Finance International 
Swiss Bank Corporation International Limited 
S. G. Warburg Securities 

Yasuda Trust Europe Limited 


■ Bankers Trust International Limited 
Banque Nationale de Paris 
Caisse des Depots et Consignations 
Credit Suisse First Boston Limited 
IBJ International Limited 
Mitsubishi Finance International Limited 

Morgan Guaranty Ltd 

Salomon Brothers International Limited 

Socidtd Generate 
Sumitomo Trust International Limited 
Union Bank of Swtaerland {Securities) 
Yamaichi International (Europe] Limited 


fiUKi 


-v- * 




' ?J:- . 

* t ' " J 




t 







,ty x v 


TTinaneial Times Monday May 11 1987 


- "* ""cj 


strong \] 


Thes e securities have been sold Outside the United Stats of America and Japan. This announcement 
appears as a matter of record only. 


30th April, 1987 


'O' 

Nippon Shokubai Kagaku Kogyo Co., Ltd. 

(Nippon Shokubai Kagaku Kogyo Kabushifd Kmsha ) 

U.S. $80,000,000 

2 per cent. Guaranteed Bonds due 1992 

with 

Warrants 

to subscribe for shares of common stock of Nippon Shokubai Kagaku Kogyo Co., Ltd. 

The Bonds will be unconditionally and irrevocably guaranteed by 

The Daiwa Bank, Limited 


Issue Price 100 per cent. 


Nomura International limited 


Daiwa Bank Capital (Management Limited) 


IBJ International Limited 


Banca Commerciale Italiana Bankers Trust International Limited 

Baring Brothers & Co., limited Citicorp Investment Bank Limited 

Credit Suisse First Boston Limited Robert Fleming & Co. Limited 

Kkinwort Benson limited KOKUSAI Europe Limited 

Kuwait Foreign Trading Contracting & Investment Co. (S.AJL) Lazard Frtres et Cie. 

Morgan Stanly International. Shearson Lehman Brothers Internationa] 

Union Bank of Switzerland (Securities) Limited 


These securities nave been told outside the United St ate s of America and Japan. This announcement 
appears as a matter of record only. 


© 

THE SANKEI BUILDING CO., LTD. 

(Kabushiki Kaisha Sankei Building) 

U.S.$60,000,000 

2Vs per cent. Guaranteed Bonds due 1992 


Warrants 

to subscribe for shares of common stock of The Sankei Building Co., Ltd. 
The Bonds will be unconditionally and irrevocably guaranteed by 

The Sumitomo Bank, Limited 


Issue Price 100 percent. 


Nomura International Limited 

Daiwa Europe limited 
Chase Investment B ank 
DKB International Limited 


Fuji International Finance Limited 

Banque Nationale de Paris 
Credit Suisse First Boston Limited 


DKB International Limited Kidder, Peabody International Limited 

Kkinwort Benson Limited Kuwait Foreign Trading Contracting & Investment Co. (S- A.K.) 

Merrill Lynch Capital Markets Mitsubishi Finance International Limited 

Morgan Stanley International J. Henry Schroder Wagg & Co. Limited 

SocKtt G&kraie Sumitomo Finance International 

Swiss Bank Corporation International Limited Yamaichi International (Europe) Limited 

Yamatane Securities (Europe) Limited 


jn 


. ..TvtlS 

it . ;i tf.tf 5 ' 


.".s' ‘ 


These securities have been sold outside the United States of America and Japan. Thb announcement 
appears as a matter of record only. 


7th May, 1987 



HOKURIKU ELECTRIC INDUSTRY CO., LTD 

(Hokuriku Denki Kogyo Kabushiki Kaisha) 

U.S.$35,000,000 

2Vk per cent. Guaranteed Bonds 1992 

unconditionally and irrevocably guaranteed by 

The Hokuriku Bank, Ltd. 

with 

Warrants 

to subscribe for shares of common stock of Hokuriku Electric Industry Co. , Ltd- 


Issue Price 100 per cent. 


Nomura International Limited 


Prudential-Bache Securities International 
DKB International Limited 
Hokuriku Finance (HJK.) Limited 
KOKUSAI Europe limited 
Morgan Stanley International 
Sanyo International Limited 


Basque Nationale de Paris 


Fuji International Finance Limited 
Kleinwort Benson Limited 
Morgan Grenfell & Co. Limited 
Salomon Brothers International Limited 
J. Henry Schroder Wagg & Co. limited 


These securities haw been sold outside the United States of America and Japan. This announcement 
appears as a matter of record only. 


7ih May, 1987 


(NTN Toyo Bearing Kabushiki Kaisha) 

U.S.$100,000,000 

8 3 /4 per cent. Guaranteed Bonds due 1992 

Unconditionally and irrevocably guaranteed by 

The Sanwa Bank, Limited 


Issue Price: 101.5 per cent. 


Nomura International limited 


Banque Paribas Capital Markets Limited 
Sanwa International Limited 

Bank of Tokyo International Limited 
Daiwa Europe Limited 
LTCB International Limited 
J. Henry Schroder Wagg & Co. Limited 
S. G. Warburg Securities 


The Nikko Securities Co., (Europe) Ltd. 
Swiss B ank Corporation International Limited 

Credit Lyonnais 
Dresdner Bank Aktiengeseilschaft 
Morgan Grenfell & Co. Limited 
Toyo Trust International Limited 
Yamaichi International (Europe) Limited 





26 


Financial Times Monday May 11 19S? 


UK COMPANY NEWS 


Nikki Tait on Tesco’s bid for Hillards, which reaches a finale this week 

Yorkshire stoicism versus national muscle 


EASTER MONDAY. Peter 
Hartley, chairman of Yorkshire 
supermarket group, Hillards* 
decides to check bank holiday 
trade at one of his stores. 

Prey to its retailing charms, 
he comes away with £80-worth 

of gardening equipment. Mrs 

Hartley, not unnaturally, is less 
than enraptured. 

Which seems about the only 
occasion when the staunch 
loyalty of the Hillards family, 
whose near-30 per cent hostile 
stake has bedevilled predator 
Tesco throughout its £223m bid. 
may have slipped an inch. If 
Tesco's case is correct, the 
chairman was doing just what 
Hillards needs. 

The battle, which heads for 
its finale this Friday, has 
polarised in two arguments. 
From the Hillards camp 
comes the vigorous assertion 
that most aspects of a modern 
retailing infrastructure — 
specialist counters, central 
deliveries, electronic point-of- 
sale systems, and eventually 
scanning — are either in place, 
or on their way shortly. 

And that, says the Yorkshire- 
based chain, is poised to pro- 
duce spectacular profit ad- 
vances. After £7.7m pre-tax in 
1984-85, and £8.5m in 1985-86, 
the group has estimated £10.3m 
in the year to May 2 1987, and 
— to some raised eyebrows — not 


less than £15m in the current 
year. 

Tesco does not quarrel with 
the strategy; merely suggests 
that its larger resources would 
speed developments. Instead, it 
rests its case on volume. Can 
an independent Hillards, faced 
with stepped-up competition 
from Sains bury, Asda, and 
William Morrison in its York- 
shire heartland, tempt enough 
shoppers through its doors with 
sufficiently open purses? 

What everyone admits is the 
desirability of Hillards actual 
store locations. Of its 40 out- 
lets, 13 top 25,000 sq ft: 20 are 
between 10,000 and 25,000; and 
only seven are under 10,000. 
This makes the average store 
size a touch under 20,000 sq ft. 
— in line with Tesco's own 
figure and, within the food 
retailing sector, beaten only by 
Asda and Morrison. For Tesco, 
with only scatter-gun repre- 
sentation in Yorkshire, the 
appeal is obvious. 

Once inside, there is a good 
deal to support Hillards' case. 
Service counters in the form of 
in-store bakeries and delicates- 
sens are commonplace; seven 
outlets provide petrol pumps. 

Longer-term, Hartley holds 
out a central distribution pro- 
gramme which will be aided 
by the building of a new ware- 
house, scheduled to open in 


20 tt- 


s 6 



Share of 
Yorkshire^ Market 


Iwtataoi^ 
Morrison A 



1988. At present, most stores 
get deliveries weekly, with all 
the attendant problems for 
stocking and wasted space. 
Come 1988/9, he estimates some 
£2m-woith of savings. 

Even so, no amount of York- 
shire stoicism can conceal the 
recent lack of volume growth. 
During 1984/5, according to 
brokers L. Messel, sales volume 
in like-for-llke stores fell by 
slightly under 1 per cent; in 


This announcement appears as a matter of record only. 


Eurocommercial Paper Program 


AT&T 




Dealers 

Citicorp Investment Bank Limited 

Morgan Stanley International 

Swiss Bank Corporation International United 

May 1987 


1985/6 by over S per cent — 
the only company in the sector 
to show a decline. Hill ards 
answer is that the miners’ strike 
hit hard; almost half its stores 
are in mining areas and one 
saw volumes fall by as much as 
17 per cent. Moreover, it 
claims that a turn bas come in 
the second half of 1986/7, so 
volumes for the year from 
existing stores will be up 3 per 
cent. 

Nevertheless, the point has 
been relentlessly exploited by 
Tesco — secure in knowledge 
that its own volumes rose 9 per 
cent in 1986-87, 4 oer cent from 
existing stores and 5 per cent 
from new openings. 

Moreover, the national chain 
can fairly claim that competi- 
tion wjti only get worse. The 
successful push by Morrisons 
into Yorkshire is amply spelt 
out by the AGB figures for 
Yorkshire market share (see 
chart). And planning consents 
have been granted within five 
miles of 28 Hillards stores. 

Perhaps the clin cher for 
Tesco is that its greater 
resources offer immediate 
answers. If successful by 
Friday, the larger chain plans 
an instant £3m refit. 

Longer term, Tesco bilks of 
spending some £15m on further 
refurbishment and will clearly 
save on head office expenses. 
The net effect, it argues, will be 
to raise the sales/sq ft in Hil- 
lards stores from £7.60 closer to 
Tesco's own figure— £8.60 in 
1985-86 and £10.20 in 198657. 
now that Victor Value and 
Tesco Stores Ireland have been 
shed. 

If the industrial case is per- 
suasive. what about the money? 
In all fairness, T era cannot be 
accused of underpaying. Its 
shares have risen strongly over 
the past week but ait 530p they 
value each Hillards at 390.5 p. 
That suggests an exit p/e or 33 
on a fully- taxed, fully-diluted 
basis for 1988-87 and a 23 times 
multiple on the current year. 
Even the 342. 6p cash alternative 
gives 29 and 20 respectively — 


■ .* T "' 






•! 


International investors in commercial property 

Extracts from the Statement by the Chairman, Harry Axton 

B I am pleased to report that 1986 was another year of substantial progress for 
the Group. 

The improvement in the warehouse and industrial sector has continued and 
this, coupled with the increase in office rental levels in the City and Holbom has led 
to good rental growth. The Group's property investments in the United Kingdom 
remain concentrated in Central London and the western half of the Home Counties, 
two areas that have recently experienced substantial improvement in rental levels. 

The value of the current development programme is in excess of £1 00 million, 
the greater part of it being in the United Kingdom. An increasingly important 
part of our activities is the redevelopment or 
upgrading of existing properties within the portfolio. ^ 

HIGHLIGHTS OF 1986 


m 


□ 17.6% increase in net rental income 
to £22,850,000. 

□ 13.7% increase in profit after tax to 
£8,054,000. 

□ Proposed final dividend of 3.90p per 
ordinary share making an increase 
of 15.0% for the year. 

□ Value of investment properties - 
£344 million. 

□ 14.2% increase in net assets to 
£185 million. 






I — — 

B The Annual General Meeting of the Company 
will be held in London on 2nd June 1987. 

B If you would like a copy of the Annual Repot 
and Accounts 1986. complete this coupon and 

I send it to The Secretary, 

Brixton Estate pk, 

| 22-24 By Place, London EC1N6TQ. 

I 
1 
I 
I 

^ J 


Name. 


Address. 



more than comparable with the 
Flue Fare and Safeway exit 
prices. The plus for Tesco is 
that there should be no 
earnings dilution in 1987-88, 
even before cost-savings. 

With the 10 per cent held in 
family trusts still firm, and 

some 200 small shareholders 
backing Mm, Mr Hartley has 
amasse d a formidable 30 per 
cent block. Few in the City 
expect Tesco ter fail at this 
price — despdte the current trend 
against hostile bids— but given 
the inevitable “dead” votes, 
the outcome must be close. 

Assuming the national chain 
does get home, is Hillards 
further evidence that regional 
chains are a dying breed? 
“They are in an increasingly 
difficult position,” comments 
John Richards, at brokers 
Wood Mackenzie. “All the 
regionals have reached a stage 
where their ambitions go It- 
yond their resources." 

Tesco, surprisingly, dis- 
agrees. “It is the end of weak 
brands, not regionals,” suggests 
David Reid, the group’s finance 
director— pointing to Safeway 
and Waitrose which, if scarcely 
local companies in the Hillards 
sense, are non-national in 
coverage. 

But then the former has gone 
to Argyll and the latter is 
backed by John Lewis's re- 
sources. So small comfort 
therefor the dwindling band. 


Leather 

union 

against 

Hillsdown 

By Richard Tomkins 

‘i 'H m trade union represen ting 
workers in the leather industry 

has made a strongly-worded 
plea for HUbdown's attempted 
takeover of Gamer Booth, the 
leather manufacturer, to be 
referred to the Monopolies and 
Mergers Commission. 

Hillsdown, the acquisitive 
food -to -furniture group, is 
battling for Gaxnar Booth 
against Pittard, another leather 
manufacturer. On Friday, both 
contenders increased their 
bids, and Garaar Booth's board 
decided to recommend the 
Hillsdown offer. 

However, Mr Eugene MaHon. 
assistant general secretary of 
the National Union of Foot- 
wear, Leather and Allied 
Trades, has written to the 
Trade and Industry Secretary 
voicing his union’s strong sup- 
port for the Pittard merger and 
its opposition to the Hillsdown 
bid. • 

He says HUlsdown's inter- 
vention pays “ scant re- 
gard” to the long-term in- 
terests of the industry and his 
members. “If the Hillsdown 
bid succeeds, the conglomerate 
that will result will have a dis- 
proportionate influence on the 
industry, with potentially 
serious results for Pittard.” 

He says a merger between 
Pittard and Garoar Booth would 
combine the companies’ exper- 
tise, and ensure their success 
in a highly competitive world 
market. “Without this merger, 
the leather industry faces a 
bleak future.” 

FT Share Information 

The following securities have 
been added to the Share 
Information Service: 

Admiral Cmmiting (Section: 
Electricals): Forward Group 

(Electrical); Galactic Resources 
(Canadians); Hernia Gold Mines 


(Mines, Misc.); Land Securities 
lOpelstMortDeb 2925 (Property); 
Nationwide Bldg. Sec. 9tf Bonds 
11/4/88 (Loans); Nationwide 
Bldg. Sec. 9tt Bonds S/5/88 
(Loans): Pan Petroleum 

NX. (Oil and Gas); Perkins <J.) 
Meats (Foods). 


BOARD MEETINGS 


(Percy). 
Fold (M 


Catalyst 
(Martin). Lm 
S quirrel Horn. 


TODAY 

Interims: Bllton 
Connections Group. 

Cooper. Lillay (F. J. C.V 
U0, United Friendly Iniuranca, UTC 
Group. 

Finals: Cl ret print. ■ Coa centric. 

Diploma, TMD Advertising. 

FUTURE DATES 

Interims: 

Associated Energy Services ... May 14. 

Crystal ate May V 

Holmes Merchant May IS 


Irish Distillers May 20 

Trillon ..... May 13 

Western Selection — .............. Mey 12 

Finale: 

British a American FUm Hides. May 12 

Carton B e ach May 14 

Counaulds May 27 

Fine Art Developments ........ May 18 

Garanofs American Securities May 19 

Gleves May 13 

Hartwell . Mey 20 

Romeo Oil Services — May 28 

Rea dicut , May 19 


NOTICE TO BONDHOLDERS 

THE SEIYU, LTD. 

{Formarty~TTmS0tyu Storas, UsL~) 

U.S.$20 / 0C0,000 8% Convertible Bonds Due 1996 
(the "Securities") 

Notice is hereby given pursuant to Clause 7(B) of the Trust Deed dated 
January S, 1881 in connection with the Securities, the Board of Directors of 
The Saiyu, Ltd. (the "Company") approved by resolution of its meeting held 
on April 15, 1887 the merger agreement (the "Merger Agreement") between 
the Company and The Kansai Saiyu, Ltd. ("Kansai Saiyu”), a consolidated sub- 
sidiary of the Company, concerning the merger of Kansai Saiyu by the Com- 
pany, and that the Company entered into the Merger Agreement with Kansai 
Saiyu on April 15, 1987. Certain Information with respect to the proposed 
merger Is sat out below. 

It is expected that on May 28, 1987 a General Meeting of Share holders of the 
Company will be held et which the Merger Agreement vWD be submitted for 
approval by the Shareholders. It is expected that if the Merger Agreement Is 
approved, the assets of Kansai Saiyu will be transferred to the Company on 
March 1, 1988 end the Registration of the Merger In the Commercial Register 
will be made in the first half of June, 1988. The basis of the Merger will be the 
issue of 0.5 shares of the Company for each one share of Kansel Saiyu. How- 
ever, as the par value of the shores of Kansai Selyu is Yen 500 par snare, five 
shares of the Company will be allocated for each share of Kansai Selyu, pro- 
vided that no new shares will be allocated to the Company for 600,000 shares 
of Kansai Saiyu owned by the Company. 

By. The Chase Manhattan Bank, N A. 

London, Principal Paying Agent 
Mey 11. 1387 



NOTICE OF PREPAYMENT 

THE SANWA BANK, LIMITED 

(Incorporated with limited liability in Japan) 

US$40,000,000 

Callable Negotiable Floating Rate 
Dollar Cer tifi ca te of Deposit 
Issued on 18th June, 1984, maturing 20th June, 1988, callable In June, 

Notice Is hereby given in accordance with the conditions of the above 
Certificates of Deposit (the “Certi fi c a tes"), as printed on the reverse of 
the Certificates, that The Sanwa Bank, Limited (the "Bank") will prepay 
all the outstanding Certificates on 18th June, 1987 (the “Prepayment 
Date”) at their principal amount. 

Payment of the principal amount together with accrued interest to the 
Prepayment Date, will be made on the Prepayment Date against 
presentation and surrender of the Certificates at the London Branch of 
the Bank at Commercial Union Building, 1 Undershaft London, EC3A 
8LA. 

Interest wtl! cease to accrue on the Certificates on the Prepayment Date. 


OhmcalBaik Internahomal Limited 

as Agent Bank 

Dated: 11th May, 1987 


United News eyes 
ExtePs war of 
words with Ladbroke 


»Y CLAY HARRIS 

United Newspapers, which 
has launched a £ 2 50 m hostile 
takeover bid for Extel, is water- 
ing with concent the financial 
and sports information group's 
war of words with Ladbroke 
Group, the betting, hotels and 
retailing company. 

Samuel Montagu, advising the 
publishing group in its bid for 
Extel, emphasised yesterday 
that United's role was that of 
an outsider but it was paying 
close attention to developments. 

Ladbroke on Friday issued a 
writ in tiie High Court seeking 
an injunction to prevent Extel 
from disseminating six specific 
statements about it. Extel 
strongly denied that it had 
spread any of the stories and 
said it would strenuously de- 
fend any legal action brought 
by Ladbroke. 

Ladbroke’s proceedings fol- 
lowed sharp falls in its share 
price after a flood of stock 
market rumours last week. 
Separately, recent dealings In 


Ladbroke shares are being in- 
vestigated by the Stock 
Exchange at the company s 
request 

One subject specified in the 
Ladbroke writ related to its 
lea d in g role in Satellite Inform 
mntinn Services, the company 
established to televise race 
meetings to betting shops. 

Leaving aside the questions 
at issue in the writ, Montagu 
said that the commercial chal- 
lenge which SIS posed to Extel '5 
e xistin g racing services under- 
lined United's argument that 
Extel needed a change in con- 
trol. 

United, publisher of the 
Express newspapers, regional 
titles and magazines including 
Punch, has not yet issued its 
formal offer document for 
Extel. At United’s dosing price 
of 477p on Friday, its share 
offer was worth almost pre- 
cisely Extel’s market price of 
492p. 


G uinness Peat sets up 
asset manage ment venture 


Guinness Feat has set up a 
company called Guinness Flight 
Global Asset Management to 
handle its currency and inter- 
national liquidity management, 
private client and offshore busi- 
ness. 

It will be owned 80 per cent 
by Guinness Peat and 20 per 


cent by its existing senior 
executives, led by Mr Tim 
Guinness and Mr Howard 
Flight 

Total funds under manage- 
ment of the new company ex- 
ceed ?I-2bn including offshore 
funds of S483m and managed 
currency funds totalling S29Sm. 


May 11, 1987 


Sotiedad National deCrdcfito 

(Incorpamtadtn the United Mexican 
States with limited liability) 

Formerly 

Bancomer \ S.A* 

U.S. $60,000,000 

Subordinated Floating Rate Notes 
due 1986-1990 

Notice is hereby given pursuant to the Terms and 
Conditions of the Notes that for the six month Interest 
Period, May 12, 1987 to November 12, 1987 the Notes 
wtR cany-an interest rate of TYre% per annum. On Nov- 
ember 12, 1987 interest of US$117,875 will be due 
per US$3,000 Note against coupon No. 11. 

Agent Bank 

ftg ORION ROYAL BANK LIMITED 

v£g? A member of ThoRoysl Sank of Canada Group 


Queensland Coal 
Finance Limited 


US$46,000,000 

Treating Rate Notes Due May 1985/96 
Holders of Floating Rate Notes of the above issue are 
hereby notified that for the next interest period from 
May 12, 1987 to November 12, 1987 the following 
information is relevant • 

1. Next applicable 

Interest rate: 7 %% per annum 

2 . Interest payable on next interest 

payment date: USS 389.72 

per US$ 10,000.00 nominal 

3. Next interest 

payment date: November 12, 1987 


May 8. 1987 


BA Asia Limited 
Reference Agent 


US$100,000,000 . 

FLOATING RATE DEPOSITARY RECEIPTS DUE 7997 
Issued by The Law Debenture Trust Corporation pic evidencing 
entitlement to payment of principal and interest on deposits with 


Banca Nazionale del Lavoro 

(mcorparaud at art JtdooodiCreditodiDiTUoPubbUcamUu Republic of Xialy) 
London Branch 


Interest Payment Date, August 11, 1987 In respect of USSKLOao 
nominal of the Receipts will be US$191.67 and in resoectnf 
US$250,000 nominal ortho Receipts will be USS4.79i.67. 


May 11, 1987, London 

By: Citibank, HA. (CSS! Dept), Agent Bank 


CITIBANK* 


Interest Rate Change 

Allied Irish Banks pic announces that with effect 
from dose of business on 11th May 1987, 
its Base Rate will be reduced from 9#% to 9% p*a* 


Allied Irish Bank 


Head Office — Britain: 64/66 Coleman Street, London HC2R 5AL. Tel: 01-588 0691 
and branches throughout the country. 



HOLIDAY & TRAVEL 

ADVERTISING 
is psHisbed on 
Wednesday & Tbsrsdi 

for details of Advertising 
Rates contact: 

Carol Haney 

Fjittlttit! Times. Bracken Hous. 
10 Cannon St, London EC4P 4R 
Telephone: Oi-248 8000, extn 46 









Other issuers for which 
Bankers' Trust has carried out 
financings at rates below 
LIBOR include. Philip Morris, 
for which we were co-book 
runner on a (US)$100 million 
Aree-ye^ fixed-rate Eurobond 
issue that was swapped into 
floating rate dollars. The issue 
was part of a refinancing pro- 
gram related to Philip Morris* 
acquisition of General Foods. 


True, die credit was an extraordinarily good 
one: SEK (Swedish Export Credit). 

Even so, the rate was an extraordinarily low 
one: more than 200 basis points below LIBOR. 
It was the lowest cost Eurobond/ swap issue 
ever done. 

That’s typical of the kind of performance 
• Bankers Trust delivers in the global capital 

=‘ markets. Terfonhance that regularly lowers 
borrowing costs for issuers, or increases 
yield for investors. 

What’s behind this performance? 
First and foremost, it’s the ability of 

our capital mar- 
kets specialists to 
structure innovative 
transactions that 
perfectly match the 
needs of clients with 
die demands of 
the market. In 
the past year 
alone, they Ve 
developed the forward swap. The coupon 
option swap. The minimum and maximum 
interest rate swap. The currency option swap. 
And a host of others. 

Such innovation springs, in part, from the 
total integration of the people within the capital 
markets organization — the swaps experts, 
options and futures specialists and Eurobond 
originators— with those in trading and syndica- 
tion. At Bankers Trust, they talk across desks, 
not across departments. 

Equally important is the integration of our 
worldwide capital markets locations, supported 
by our global distribution network. 

Earing the process even more is our pro- 
prietary software and information systems which 
allow us to complete even the most complicated 
transactions with unusual speed and at low cost. 


Small wonder, then, that in a recent 



Euromoney poll, corporate and sovereign swaps 
users worldwide voted Bankers Trust to be the 
very best overall performer in the swaps market. 
Bar none. 

Today, as worldwide merchant bankers. 
Bankers Trust enjoys a commanding position in 
investment banking, corporate finance, and 
money, securities and currency trading. Since 
we have no vested interest in any of these forms 
of financing, we can select, combine or modify 
them in ways that best suit our customers? 
needs. So an increasing number of clients are 
looking to us for services like these: 

Management Buyouts — As a leader in 
structuring and arranging the financing for 
management buyouts, Bankers Trust not only 
can provide the senior debt, but also can place 
the subordinated debt and equity. 

Eitrosecurities — As a major force i 
in the Euromarkets, Bankers Trust 
lead-managed 51 Eurosecurity offer- . 
ings totaling $7 billion last year. «•; 

We are one of the most active partici- 
pants in the secondary market, where 
we are a market-maker in over 600 
different Eurosecurities. 

Options — Bankers Trust is a 
leader in interest rate and currency 
options, making markets in options 
on both short- and long-term instru- 
ments. Our strength as a market- 
maker enables us to design option 
packages specifically tailored to our 
customers’ investment or financing ; 
requirements. 

Our success in these highly com- 
petitive areas is really our clients’ suc- 
cess. If you’d like to share in it, come 
to the bank that makes it a reality: 

Bankers Trust. 


Over the last two years, Bankers 
Trust has lead-managed ten issues 
for SEK. We were hook runner 
not only on their history-making 
(US)$200 million Eurobond issue 
at more than 200 basis points 
below LIBOR, but also on their 
(US)$200 million -40-year 
•Eurobond issue — the 
longest term ever done. 



Bankers Trust Company 

Merchant banking, worldwide. 

Dashwood House, 69 Old Broad Street, London Kishimoto Building, 2-1 Marunouchi, Tokyo 




\ 


28 



--auk- 

TRUST "s 


. - <**-.**-*» 
y 4" j^ .-.^s f 

$ t £ *v -w * 



From Ilth May, 1987 

Toyo Trust International Limited 

will be operating from its new premises at 

36 Queen Street, London EC4R 1B1M 

Telephone Numbers: 

General: 01-2365272 Syndications: 01-248 2685 

Traders: 01-236 1651 Sales: 01-236 0596 

Telex: 881 1456 TYTINT G 


'O'u: 

■ySf 


I 6* 


•*. . V 


a ■ s «v * ^ / # • VV*"VW A* , ■ % sVSyi AfF> ‘ ’ J r m { • ' *\ , ”“ V » 

,„- v ,■ # < S'*. f % k if'Jyi* V*..* J 3 > V. Nv.' O * 

. i \s t:. J.. .'I-* v.\y 


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¥1\ 


£Y 

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v— -A ■ v ■ . 


».'• 
■••• l !. "l 


-r'.-r« »*■**.”*- 
i iLWi 




£ 


This advertisement is issued in compliance with die requirements of the Council of The Stock Exchange, 
it does not constitute an invitation to the public to subscribe for or purchase shares. 



(Incorporated in England under the Companies Ms 1948 to 1967, No. 1228935} 


Authorised 

£1,000,000 


Share Capital 

Ordinary Shares of 5p each 


Issued and 
fully paid 
£800,000 


T & S Stores PLC is a retailer of cigarettes and other tobacco products, 
confectionery and greeting cards. 

Application has been made to the Council of The Stock Exchange for the 
admission to the Official List of the whole of the issued share capital of T & S 
Stores PLC, formerly dealt in on the Unlisted Securities Market Details relating 
toT & S Stores PLC and the above shares are available in the statistical services 
of Extel Statistical Services Limited. Copies of the listing particulars may be 
obtained during usual business hours on any week day (Saturdays and public 
holidays excepted) up to and including 26th May 1987 from:— 


T & S Stores PLC 
Apex Road 
Brawnhills 
Walsall WS8 7HU 

Hlh May 1987 


Barclays de Zoete Wedd Limited Company Announcements Office 
Ebbgate House The Stock Exchange 

2 Swan Lane Throgmorton Street 

London EC4R 3TS London EG2 



Lloyds Bank Pic has reduced 
its Base Rate from 9*5 per cent to 
9 per cent p. a. with effect from 
Monday 11 May 1987. 

.All fadlines (including regulated consumer credit 
.agreements) with a rate of interest linked to Lloyds 
Bank Base Race will be varied accordingly. 

The change in Base Rate will also be applied from 
the same date by the United Kingdom branch of 
The National Bank of New Zealand Limited. 


Lloyds 

Bank 


ATHOROUGHBRED AMONGST BANKS. 



Lloyds Bank Pic, 71 Lombard Snwr, London EC3P3BSL 


C0UHC1L 

GOLF CO-OPERATION 

Thu Financial Timas proposes in 
publish this survey on tha 
following data: 
MONDAY, JUNE 8 1987 

For further details on advertising 
In this ptibWeoWnn co ntact; 

HUGH SUTTON 
on 01-248 8000 Bds 3238 


Den Danske Bank 

.af 1871 Akftaefakab 

BneorporaUd in dm Kingdom of 
DeamadiorithKmaodlMmi 

u.s. sioo.ooo.oro 


ta ac ta n la ac a wO *9 protean g) te Mok 
B dfca a htnby gm. hr te feaaan Mad 

ten li M*. 1 W to TJ Mowatef,^ Mr, teNsiss 
cany m ‘stmt Mb el FHfl par warn Tto 
tens wyarit mpkes coupon No. fl an te 
item Rnnt paynttn tea 12 Nownter. 1587. 
wStMUSSHUB 


11 May, ISO 

TNE CHASE MANHATTAN BANK NA 
LOhfWN. AGENT BAWt 


Knancial Times Monday May 11 1987 

UK COMPANY NEWS 


Nick Garnett looks at the restructuring of cable maker BICC 

Limbering up for the acquisition trail 


BICC, the electrical engineer- 
ing and construction group and 
the world's third largest pro- 
ducer of cables, looks ready to 
stretch its legs. 

After two years of quiet, but 
improved housekeeping, par- 
tial restructuring and new plant 
building, one of the stalwarts 

of UK medium engineering is 

feeling confident enough to add 
substantial chunks of its busi- 
ness portfolio. 

The progress of 20 or so 
medium and Large UK and US 
companies engaged in activi- 
ties which are near to or over- 
lap those of BICC, are now 
being watched very closely by a 
small acquisition team in 
BICC'6 Mayfair offices. 

With pre-tax profits last year 
of £101 in, on turnover of 
£2.14bn that bas remained 
largely static for three years, 
BZCC has a non-con trove rsial— - 
some might say dreary — image. 

However, the board has re- 
cently been working on this, 
selling off noo-oore businesses, 
reducing overheads, putting in 
much tighter cost controls, de- 
centralising management and 
buying one or two complemen- 
tary businesses. 

All the recent growth has still 
been coming from construction 
subsidiary, Balfour Beatty, with 
cables making the kind of profits 
that excites no one. A sliding 
profit trend overall, though, 
appears to have been halted 
while a much better cash posi- 
tion has helped to bring gearing 
down to 6 per cent from 31 per 
cent in 1985. 

In the early 1980s, BICC — 
whose original cable malting 
grew up on what is now Mersey- 
4de. was a bit of a disappoint- 
■oent, It kept promising to 
■sharpen up its operations— 
mine of which looked distinctly 
tired— but failed to deliver. Its 
■■eputation in the City for 
nanaging its assets was pretty 
low. 

This is now changing, even 
‘hough the " un controversial n 
‘ag is not Sir William Barlow, 
rhaiman of the group since 
’oining it in 1984, says it is not 
:bout to lurch into brewing or 
lemiccndnctors, or any other 
activity with which it is totally 
unfamiliar . “We are not going 
to become a conglomerate, or 
anything like that." 


However. BICC— which em- 
ploys 19,000 in the UK (exclud- 
ing 8,000 contract construction 
workers) and manufactures in 

13 other countries— is looking 
very hard now at adding a third 

leg to its two principal .interests. 

These are cables (38 per cent 
of turnover) and Balfour Beatty 
(which carries out a lot of 
electrical-related work, like 
overhead power transmission as 
well as construction, and 
accounts for a half of group 
sales). 

Mr Robin Biggam, the 
group's chief executive, who 
joined the company as man- 
aging director at the begin- 
ning of last year, says it has 
not been decided yet what that 
leg will be. “We want to build 
up businesses for the longer 
term that will make sense and 
stand the test of time." 

It might involve buying a 
big lump of power engineering. 
Babcock is one company in the 
list of 20, and BICC is working 
with it in a consortium bidding 
for the Yue Yang power station 
contract in China. 

Mr Biggam is a bit coy about 
this one. GEC, he says, would 
be more logical as a suitor of 
Babcock with BICC about 
number six down a list of com- 
panies that would make a good 
fit with it. 

A third leg could be house- 
building. "We have an objec- 
tive of becoming a major house- 
builder. We are building up a 
land bank and a management 
team," says Mr Biggam. 

At the moment, Balfour 
Beatty constructs around 400 
houses a year, less than half the 
number that would pat BICC 
among the top 20 UK builders. 
So far the group has been put 
off by tiie fancy costs involved 
in buying a substantial house- 
building company. 

Another area BICC has been 
looking at is the expansion of 
a disparate group of control 
and systems companies it al- 
ready owns in its socalled tech- 
nologies division. 

This set of eight companies 
made £11 Am profit last year, 
down on the previous two years, 
and with generally flat sales. 
Nevertheless, BICC believes 
there is considerable growth 
potential, particularly in sys- 
tems design and local networks. 


RELOCATION 
New Job 
New Town 
New House 
New Car 
New School 
New Doctor 
Newspapers.. 

Not new tons. 

ori 


moves or reviewing your relocation policy our 
advice bufids programmes which are practical, 
unbiased and cost effective. Call Mr A GIfickie 
on 0 1-629 8 222 o r write to Merrill lynch 

KeJocGtlou M sHS Jcgcnt Intel nitlnml f 

136 New Bond Street, 

London W1Y9FA. 


Lynch 



Shawmut Corporation 
U.S .$50*000,000 

Floating Rate Subordinated Notes 
Due 1997 

Notice is hereby given Ihot (he Rote of intern* has bean find ah 794% 
and find interest payable on the relevant Interest Payment Date 
August 11, 1987 against Coupon No. 10 m rasped of US$1 Q0OO 
nominal of the Notes wS be US$1 94.86 


May 11,1987. London 

By: Citibank NA (CSS Dept), Agent Bank 


ema/uveo 


m 

ljubljanska banka 

US$25,000,000 Floating Rate Notes due Jane 1987 
In accordance with the conditions of the Notes notice is 
hereby^ given that for the one-month period 11th May 1987 
1887 t31 days), the Notes will cany an interest 
rate of 8% per annum. 

Relevant interest payments will be as follows: 

Notes of $5,000 US$84.44 
CREDIT LYON NAIS 
Luxembourg 
Fiscal Bank 
CREDIT LYONNAIS 
London 
Agent Bank 



Mr Robin Biggam (left), chief executive, and Sir William 
Barlow, chairman, of BICC. 


“We would like to have a clutch 
of systems-related businesses,” 
says Mr Biggam. 

In the past year, BICC has 
actually acquired three com- 
panies which have comple- 
mented existing activities. It 
bought a Half share in Beery 
of the US, and purchased the 
building services division of 
Baden, adding mechanical en- 
gineering services to Its Balfour 
Kilpatrick electrical engineer- 
ing operation.' 

It also bought the Iznhof- 
Bedca group of companies, 
which complement BICC-Vero 

in its technologies division, as 
well as taking a 30 per cent 
share in the Devonport dock- 
yard consortium. 

However, Sir William indi- 
cates that apart from the 
acquisition of small businesses 
in activities familiar to BICC. 
the group expects to purchase 
at least two or three medium- 
to-large companies within the 
near future. 


This acquisition policy would 
not be in place if It was not 
for the internal work done on 
BICCs core operations in the 
past two years, says Sir Wil- 
liam. Be stresses that extract- 
ing better performance from 
these existing core businesses 
will remain the group's main 
centre of attention. 

“When I came to BICC, some 
of its companies were not very 
well managed,” says Sir Wil- 
liam. “There had not been 
enough attention to earnings 
per share, but it was not a case 
of too little, too late. The com- 
pany had never had a crisis, 
it had never missed a dividend. 
It had just got too comfort- 
able." 

A large number of changes 
have been instituted without 


Perkins Meats 
midway boost 
. to £0.56m 

John P w r ki nn Mbits, a USM- 
quoted meat wholesaler, boosted 
pre-tax profits substantially 
from £1B2J100 to £562,000 In the 
six months to March 28 1987. 
However, directors said that the 
second naif was unlikely to be 
as profitable. 

Turnover rose to £HL57m 
(£8.17m). Tax charges increased 
to £192400 (£51.000) after 
which earnings per share 
worked through at 3£5p 
(L.16p). The declared Interim 
dividend is doubled at L2p. 

Dire c to r g said that talks were 
bring held With two companies 
with a view to possible 
acquisitions. 


PENDING DIVIDENDS 

Dates when some of the more Important company dividend 
statements may be expected in the next few weeks are given in the 
following table. The dates shown are those of last year's announce- 
ments except where the forthcoming board meetings (indicated 
thus *) have been officially notified. Dividends to be declared 
will not necessarily be at the amounts In the column headed 
“Announcement last year." 


Uts 

•Alllad-lyoas ...May 18 
Assoc. British 

Foods May 18 

A ust a NZ 

Bank May is 

BOC May 21 

*Bms 20 

Baacham 11 

•Bools May 28 

•Brief ah 

Airways May 19 

British & 

Com'wttb —M«y IB 

Coalita May 28 

CotmauMs -.May 29 
Da La Hus — Ian* 3 
•English Chins 

Oaya.^J4ay M 

*EuroDMn 

Farrias.^— May 12 
Extol .. .■■■■■■■ Ma y ft 


Annoonco- 
mint la it 
- yaaf 
Final G.2S 

find 44 

Imarira ISda 
Intarim 447 
Interim 44 
Final 84 
Final 44 

Final dm 

final 24 
final 6.8 
final 4.1B 
final 24.78 

Interim 446 

Final 3.65 
final 84 


Data 


Announca- 
mont last 
yaar 


Fataoson .. 

Industrial ,~Mav 22: final 6.16 
•Grarx^Mat- .^May 14 Intacta 44 

final 44 


Uraat Kuttaod 

Eatataa — ._Juna 10 
ttaisdn Trust Juna 3 


Intarim 14 


Harrisons & 

CraaflaM 
•Land 

Sscuritios ...May 13 
•Metal Box ..June 9 
•Northern 

Foods ......June 18 

Pflkinfftoa ...Juno 11 

Ptosssy May 22 

Polly Pack -.May 30 

RHM May 3) 

Badland May 29 

Road Inti ..—.Juna 4 
Snatch! 4 

Ssatcha ......May 14 

Salnabury J. May 20 

•Saars -May 12 

Skstchtay ...Juna 3 
Storehouse — J un* B 
•U€l ....—....May 11. 

Whltbraad ..May 21 
. Wolverhampton ft •' . 

Dud lay Bra May 29 Intarim 34 
.* Board mMtinir Intimated, t Riflhtn 
fasua sines mads. tTkxfnm. {Scrip 
■Issue sines mads. 1 Forecast. 


..May 28 Final 1B.S 


final 6 9 
Final 12.9 

Final 3.75 
Final 8.5 
Final 4.172 
Interim 1-5 
Intarim 2.12 
Final 7.617 
final 160 

Interim 7.34 
final 3.85 
final 26 
final 12.8 
Final 5.7 
Final 3.5 
Final 5-65 


Wells Fargo 

&Campany 

U.S. $200,000,000 

Floating Rate 
Subordinated ^ 

Notes due 

In accordance with die 
ixorisiunsri the Notes, notice 
B hereby givea that for the 
Interest period 
11th May, 1987 to 
llth Au gust, 198 7 
the Notes will cany an Interest 
Rateof7%% per annum. 
Interest payable on the rele v ant 
inteest payment date 
lltii August, 1987 will amount 
to USSP&47 per US$10,000 
Note. 

Agent Bank: 

Morgan Guaranty ThBt 
ref New York 


G RANVILLE 


SPONSORED SECURITIES 







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Telephone 01-621 1212 
Member afHMBRA 


OtamlBe Paste 0*-1—p°n limbed 

S Z7Lorac Lane, London EC3R8DT 
Tdephone 01-621 1212 
Member of the Stock Exchatge 


This Notice b issued In ctvqpfianca with tha raouirsnwKs of the Coundl oTThe Stock Exchaiw*. 
k doss not constitute an invitation to tha public eo subscribe far or purchase any securities/ - 

Priest Marians 

Holdings PT.r: 

(Regacered in England Na 49851) 

The Property Investment end Development Group 

Issue of £30,267,872 6H96 
Convertible Unsecured Loan Stock 2000/2003 
to Ordinary and Preference Shareholders on the register on 
30th AprS, 1987 at par, 

payable in full on acceptance 
not later than 3.00p.m. on 29th May. 1987 

The CouncB of The Stock Exchange has admitted the above mentioned Stock to the Official Use. 

Particulars of the Stock are available in the Extel Statistical Services 
and copies may be obtained during normal business hours on any 
weekday (excluding Saturdays and public holidays) up to and 
ftichaftig 26th May, 1987 from; 


Laurence Plrust Sr Co. Ltd., 
Basildon House, 7-1 1 Moorsate. 
London EG2R 6AH 

Priest Marians Holdings P.LjC., 
219-229 Shaftesbury Avenue, 
London WC2H BAR 


Pumuire Gordon & Co. Ltd-. 
9 MoorfWds Htehwalk, . 
London EC2Y 9DS 

Close Registrars Limited, 
Arthur House, 803 High Road, 
Leyton, London EI0 7AA 


wdunta 13th May, 1987 for collection from: 
Tne Company Announcements Office, 
The Stock Exchange, London EC2P 2BT 


11th May, 1987 




too much fuss and bother. 
Cables was restructured from 
a company operating in 14 
business units to one with four 
market orientated divisions, 
and Its workforce cut from 
12,500 to under 7,000. 

Mr Biggam says more work 
needs to be done, bringing out 
new cables serving high tech 
applications while maintaining 
thg division's world cost com- 
petitiveness. 

Non core businesses sold off 
include Bosch ert, a power 
supply company which caught a 
cold when the personal com- 
puter market slumped: a furni- 
ture making company, cable- 
drum unit, and a scrap 

metal business. 

Meanwhile, six new factories 
have come on stream since 1984, 
five of them In the technologies 
division. 

Nine directors have gone for 
one reason or another. One 
third of BICC's senior man- 
agers are new to the company 
over the past two years, while 
another third were in the com- 
pany, but are now in different 
Jobs. Only a third hold the 
posts they did before Sir 
William came. Head office 
staffing is down from 280 to 90. 

Sir William says much of the 
work since he came has been 
on rationalising product lines 
in cables, more careful setting 
of prices, better cash manage- 
ment and paying more atten- 
tion to the attributable proflt 
level 

“Short-term cash can be 
generated while you are doing 
what you ought to do for a 
company like this. I like 
grovrth, but I also like good 
core businesses that torn in a 
reasonable profit. 1 * 





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Financial Times Monday May 11 1987 


FINANCIAL TIMES 


Monday May 11 1987 


CONTENTS 



H As computer hardware 
H prices have fallen, the 
□ softwa re- ha s become _ 
{=] more expensive. But . ~ 

o from the suppliers’ 

viewpoint thereare increasing 
pressures to deliver software systems 
on time, within budget and to the 
clients' satisfaction, as Philip 
Manchester reports here. 

Choices now 
more critical 


THE COMPUTER software 
industry is in the course of one' 
of those broad changes of direc- 
tion which have characterised 
this moot volatile and un- 
predictable of industries since 
its early days. 

It is moving from a position 
where the received wisdom was 
that the ** package,* 1 generalised 
software which could be sold to 
a wide spectrum of customers 
without modification, held all 
the advantages In terms of cost, 
ease and speed of installation. 

Now, as the real cost of com- 
puting has decreased and the 
power of system development 
software has increased, the 
emphasis is moving in the other 
direction — which' is not to say 
that the package industry is 
threatened: with collapse, but 
there is a growing belief that it 
is becoming cost-effective again 
to develop software for specific 
applications using a whole raft 
of new development tools, prog- 
ramming environments, fourth 
generation -languages, ■ data dic- 
tionaries and the tike. 

Europe and the UK should 
benefit from thin trend. Well 
behind the US in the supply of 
packaged software (the US has 
over SO per cent of the world 
packages market), they should 
be able to make a good living 
from the supply of custom and 
semi-custom software. A recent 
industry analysis by the man- 


agement consultancy Coopers &* 
Lybrand confirms this view. 

The evidence lies .in the 
Increasing percentage of pro- 
jects which are being completed 
on time, within budget and to 
the' clients’ satisfaction. 

The eventually trouble-free 
transition from old to new com- 
puter systems in the City of Lon- 
don during the "Big Bang" last 
winter, shows how much better 
now the software industry is at 
doing its job. There rare prob- 
lems — but they were mainly 
trivial and quickly resolved; the 
problem which received the 
most publicity was fitting the 
new systems with existing ones. 

There is good reason for the 
success of large-scale software 
projects like those taken on by 
the large financial institutions 
in the Big Bang. Software com- 
panies now receive much more 
attention than previously, espe- 
cially as the price of software, 
compared with total system 
cost, has risen. As a result, the 
choice of software has become 
more critical and tire companies 
which produce it have been 
under pressure to perform 
better. 

While hardware prices have 
fallen, and software has grown 
more expensive, there has been 
increased pressure en software 
companies to deliver projects 
on time and within budget The 
result is that software suppliers 



Seeking flntfw-tip solutions, using one ofthe most valuable assets of any company — Information. The operator above is accessing a 
corporate data base, using a Fusion ^formation management system from Pansoptiic, California. 

Software 

in Business 


have had to look more dosely at 
how they manage development 
projects, as well as looking at 
-the. technology of building soft- 
ware systems. 

At the same time, software has 
become big business. As well as 
the star performers such as the 
US personal computer software 
suppliers, Microsoft, Lotus and 
Ashton-Tate, the European soft- 
ware developers are doing well, 
too. 

According to International 
Data Corporation (EDCX the 
market for software and ser- 
vices tn Europe is growing at an 
average rate of 22% a year, with 
the UK growth forecast to reach 
23% this year. 

Since 1B84, the European mar- 
ket forsoftware and related ser- 


vices has nearly doubled in size 
from about Sl3bn to an esti- 
mated $23bn this year. By 1990, 
LDC expects the market to 
almost double again to more 
than $42bn. 

The market is split into five 
categories: packaged software; 
custom-built software and con- 
sultancy; training; facilities 
management; and processing 
services. The first two categor- 
ies, which represent the balk of 
software activities in Europe, 
account for nearly two-thirds of 
this revenue and they are also 
the areas of largest growth. 

In the UK, for example, pack- 
aged software represents about 
41% of the total market, worth 
$3.8bn this year, according to 
IDG. Custom-built software 


accounts for a farther 28%. 

To meet the demands of this 
market the software industry 
has had to turn its back on its 
amateur roots and become more 
professional There was a time 
when software development 
deadlines were often little more 
than guesswork, so that users 
expected software to be late. 
But in the past five years, the 
combination of external press- 
ure from users and advances in 
development technology have 
produced an increasing number 
of successful projects. The soft- 
ware systems that were instal- 
led during the Big Bang are 
good examples. 

Mr Geoff Holmes, a director of 
the UK software developer, Sys- 
tems Designers (SD), cites toe 


recent experimental fighter air- 
craft project as another exam- 
ple. SD and other UK suppliers 
built the complex software for 
British Aerospace's 

experimental fighter using mod- 
ern project management techni- 
ques and advanced software 
engineering technology. 

“The de-briefing report on the 
fighter project is a testimony to 
the usefulness of such tools," 
says Mr Holmes. 

He adds that glowing testimo- 
nials are also useful as market- 
ing devices. A major problem 
for many software developers is 
convincing their customers that 
high investment in the design 
phase of project can reap 
benefits later. 

“You can repeatedly tell peo- 


Software applications: ever- 
widening scope in industry and 
commerce 2 

Desktop publishing: a new era in 
graphics and charts 3 

Packaged software and the 
impact of the 32-bit micro- 
processor: a big impact on 
personal computing. 

pie that they should invest hip- 
front* in the right tools and 
methods. But there is no substi- 
tute for a good reference 
account. The BAe fighter pro- 
ject has proved to be an excel- 
lent reference project,” he says. 

Many customers have an 
incorrect view of the software 
development process, suggests 
Mr Holmes. They see program- 
ming “as just one programmer 
and one computer”. 

“ But there is no such thing as 
‘the programmer '—there are 
teams of programmers working 
together. Most software these 
days involves a lot of different 
technology^-database. com- 
munications, operating sys- 
tems — and you need many skills 
and disciplines." he adds. “ You 
also need the management tech- 
niques to bring all those skills 
and disciplines together and 
make them work.” 

He emphasises the import- 
ance of investing in the design 
phase of software development 
with a story from a large manu- 
facturer: when visiting the 
manufacturer's factory, he was 
amazed to see each individual 
chip being tested before it was 
released to the production line. 
He asked why the chips were 
not merely sampled and was 
told that, for every cent spent on 
checking the chips, the manu- 
facturer estimated that it saved 
5100 in putting right problems 
caused by faulty chips once toe 
product was shipped. 

Mr Gerry Goldman, managing 
director of the software sup- 
plier Cultinet UK, agrees that 
the cost of putting right the 
design faults in software can be 
expensive. But Cullinet wants to 
take Lhe automation of the soft- 
ware development process even 
further. The company built its 
reputation on database soft- 
ware technology with its 1 DMS/ 
R database for large IBM com- 
puters. Recently, it started to 
supply tools to help build soft- 
ware and to instal it. 

“ We asked ourselves the 
question: What is the cost of 
implementing a system? We 
found that it could be as much 
as 80 per cent ofthe total cost of 
toe project 

“If you include the cost of 
printing instruction manuals, of 
training users and of coping 
with the changes to the system 
once it is running live, you come 
up with a large figure," says Mr 
Goldman. 

Cullinet has put together a 
system called Implementation 
Workbench, which aims to help 
reduce this figure. 


Profile: Ashton Tate, a seven- 
year success story 4 

Building software from scratch or 
buying packages: key questions 
facing users. 

Market shares and growth of 
computing services. 

Graphics packages: more help 
for decision-makers 5 


“We see it as a major 
opportunity to bring together a 
set of technologies including 
project management, on-line 
tutorial systems and other train- 
ing technologies. 

" The aim is to bring all ofthe 
activities at implementation 
together under a project man- 
agement system and automate 
them as far as possible.” he 
explains. 

The company originally 
developed the Implementation 
Workbench for its own use. It 
needed a more formal approach 
to cut the cost of putting in its 
database products and evolved 
it over a number of years before 
it was spotted by one of its 
customers. 

“ In the end. our customers 
began to ask for it." says Mr 
Goldman. 

The evolution of this product 
typifies a trend towards belter 
management (hat has helped to 
improve the software industry's 
ability to deliver projects on 
time. 

Logica, another major UK 
software developer, has also 
evolved internal project man- 
agement methods which it has 
started to sell to its customers. 
Logica. unlike Cullinet. has 
gained its experience and skill 
mamlv from building large- 
scale software in government 
and financial sectors. 

Mr Richard Berg of Logica 
says that the company “ has 
taken professional project man- 
agement seriously for more 
years than I can remember." 

The importance of software 
“ has grown dramatically in the 
eyes of the user and the larger 
software companies have 
responded to this,” he adds. - A 
public company needs to be effi- 
cient and profitable so we are 
constantly reviewing software 
engineering technology and 
management methods." 

Logica has developed what Mr 
Berg calls a “ central methodol- 
ogy '' which is applied to ail of 
its development projects. But it 
also allows for what customers 
might want in the way of tools 
and methods. He stresses that it 
is not a dogmatic approach—" it 
is just a series of quality 
development tools and a well- 
defined approach." 

Logica recognises that users 
have their own habits and pre- 
ferences. Any management 
method that Logica adopts must 
be able to cater for this. 
Furthermore, it makes it much 
easier to market Logica's Life 
Cycle development system is 
now commercially marketed. 


SOFTWARE 
THAT 
KEEPS 
TRACK OF 
YOUR 


MONEY. 


Financial 

□ Accounts Payao'e 
C .Accounts Receivable 

G Budgetary Control 


□ Order Processing 

□ Project Tracking 

□ Pure ha s ins 


Distribution Resource Planning □ Sales Forecasting 


□ Fixed Assets Accountin 
G Foreign Exchange 

□ General Ledger 

G inventory Management 


□ Perscnnel/Psyrcl! 

□ Personnel 
G Payroll 












30 


Financial Times Monday May 11 138 T 


( SOFTWARE IN BUSINESS 2 ) 


Software system applications in the motor industry 

Making data make more sense 


tmjsRE ARE very few motor 
industry suppliers which have 
contracts with both General 
Motors, the world's largest auto- 
motive group, and Ford, the 
second largest But Alison 
Associates, a company which 
specialises solely in the design 
or computer software systems 
for vehicle manufacturers, is 
among the select few. 

Last month. Ford of Britain told 
its 400 main dealers that It was 
no longer using its own dealer 
management system, which has 
been in use since 1971, in favour 
of one devised by Alison. 

General Motors In the UK, 
where it uses the Vauxhall. 
Opel and Bedford names, has 
been a customer since early 
1986. Alison developed for GM, 
now its biggest single customer, 
a system called Tracker. 

Peter Batchelor, marketing 
director of Vauxhail Motors, 
points out: “From our point of 
view it is vital to know what is 
.happening at the retail end. We 
need to know about dealer pro- 
fitability. the volumes we are 
selling. If we don't have profit- 
able dealers, we don't have a 
shop window from which to sell 
our products. 


“Alison has a small but very 
professional team who know 
what dealers want" 

GM's previously-recom- 
mended computer-based dealer 
management accounting system 
attracted fewer than 300 deal- 
ers. Already about 500 of GM's 
.650 UK dealers have signed up 
for Tracker. 

“We were not getting particu- 
larly good data from the old 
system. Alison works to purity 
the data which makes the output 
more meaningful," says Mr 
'Batchelor. 

“Tracker has added 
tremendously to inter-company 
comparison throughout the GM 
dealer network. We can com- 
pare similaraized dealers or 
the national average, or the ten 
best 

"The system helps GM help 
the dealer because we are reg- 
ularly updating dealer trends 
and changes in the market" 

Ian Napier, manager, dealer 
operations. Ford of Britain, says 
the system Alison devised for 
his company will “speed up the 
process whereby dealers are 
able to assess their perform- 
ance against national norms. It 
will help dealers to react quick- 


learn 

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Which is why CCA Micro Rentals and Alfred Marks Office Systems 
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If you're considering a desktop publishing system - we'll help you 
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If you've recently bought a system - we’ll show you how to use it. 

However, if you've had one for some time, we are also running 
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You can choose from Apple and BM versions. Page Maker and 
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if you'd lice more details of the desktop publishing training 
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CCA Micro Rentals are the top rental company for desktop publishing 
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Just the right credentials to make your business look even better. 

The desktop publishing training programme. 


MKRO 

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CCA MlOO Remote limited. Unit 7:8. Imperial Studios. 
Imperial Road. London SW6 7 AC Telephone 01- 731 4310 




ly, to Improve their company's 
business efficiency and we are 
extremely pleased with it" 

Alison is based at Reading, 
Berkshire, employs about 20 
people and last year had a 

turnover of about £lm. It now 
has 17 major motor industry 
clients, ranging alphabetically 
from Citroen to Volvo, who be- 
tween them sell eight out often 
new cars in the UK. About 25 
per cent of the franchised car 
dealers in the UK are now Ali- 
son’S clients. 

The key to Alison’s current 
success is an innovative 
approach to dealer-composite 
systems. 

Chris Bennett, a solicitor who 
started the company In bis gar- 
age in 1978, says it has always 
been his view that computers 
should be used as tools for man- 
agement and “unless they can 
provide management with 
assistance in the difficult task of 
daily decision making, they are 
worthless. 

“Individual dealer managers,, 
both at board level and at de- 
partmental level, need informa- 
tion and they need it quickly. 
This problem of communicating 
information to busy manage- 1 
ment is not solved by the 
traditional solution of printing 
a large volume of numbers on 
paper. 

“Numbers are, of course, al- 
ways necessary but information 
on crucial trends and develop- 
ments can only be effectively 
communicated via graphics." 

So Alison has become expert 


Car plant 

quality 

control 


JAGUAR CARS ha6 awarded a 
contract in excess of £400.000 to 
Logica for the development of a 
quality surveillance centre at 
its Coventry car assembly plant 
The order is fbr the first of 
three phases to be implemented 
by Logica. It will provide a 
distributed shopfloor quality 
system incorporating advanced 
computer-based speech 

technology and teletext 
The system will significantly 
change the wav in which a pro- 
duction line inspector works. 
The traditional clipboard and 
quality report card will be 
replaced by a radio headset 
The computer will synthesise 
human speech to direct the 
inspection process, and the 
inspector can report by speak-, 
ing to the computer. Any faults 
found will be rapidly fed back to 
the assembly lines warning 
workers to take more care in the 
identified problem area. 
Sophisticated teletext techni- 
ques will be used to direct fault 
information to trackside TV 
monitors in those zones 
originating faults. 

By generating rectification 
notices for any faults found and 
by managing the whole 
rectification process, the system 
will help to prevent any faulty 
cars from leaving the factory. 
Historical quality information 
will be maintained and anlyses 
performed in support of 
medium and longer term man- 
agement action. 


Find out where a 
PC network could 
take your company 


>1. ACCOUNTS 


MARKETING 7 .( 
ADMINISTRATION 6. 


PURCHASING a< 


PERSONNEL 5.9 


1 2. SALES 


• 4. PRODUCTION 


Join the dots. 


Please send me the simple facts about how a Tbrus network can link the personal 
computers in my office. So that information circulates faster and mare freely Data and 
printers are shared. Messages go by electronic mail. 

And all using such a simple system of on-screen graphics that computer novices can be 
using the system within an hour. 


Name 


Company 


Position 


Address 


Tel 


Post to - Torus Systems Limited. Science Park. 

Milton Road. Cambridge CB4 4GZ. 

Tel: Cambridge m 0 

< 0223 ) 86201 Freedom of information 


T@RUS 


I 
i 
I 

JL 1 VVVAVJUA VI kilXVri UiaUVUk J 


volume, faser-printed reports, 
i&cluding integrated line 
graphs, bar charts and pie 
charts, which form an integral 
part of its so-called “Composite 
System.” 

Mr Bennett says that by the 
end of this year Alison will be 
processing 250,000 sheets a 
month, all with different 
graphics and text and he claims 
that no other organisation is 
doing the same thing on such a 
large scale in the UK 

“ Composite ’’ provides an im- 
portant link between the vehi- 
cle manufacturer and its dealer 
network and is based on the 
regular submission of accoun- 
ting data by dealerships. 

Alison validates and confirms 
the data to make sure that the 
" rubbish in rubbish out ” syn- 
drome does not take effect. 
Where apparent anomalies are 
spotted in a dealer's return, a 
polite telephone inqulxy is 
made to check. More often than 
not, says Mr Bennett, the prob- 
lem arose because the informa- 
tion was entered on the wrong 
line. 

Comprehensive, tailor-made 
reports are then prepared for 
dealers and the manufacturer. 
Mr Bennett says the speed at 
which this is done helps Alison 
keep ahead of its rivals from the 
big computer software bureaux 
(Alison fought off competition 
from three international soft- 
ware companies to win the GM 

contract). 



Christopher Bennett, managing 
director of Alison Associates; 
and, right, graphic exam plea of 
AA’s composite and manage* 
ment accounts. 


Preparation of a report takes 
no more than three days follow- 
ing receipt of the information. 
Ford has asked for the turn- 
round to be cut to 48 hours for 
Its system. 

Dealers receive reports which 
analyse their performance and 
provide comparisons with group 
and national averages, while 
the manufacturer receives 
analysis of the performance of 



use of line 


its dealer network by dealer- 
ship, group, region and 
nationally. All the reports in- 

corpoL _ 

■dealer frendS B; 
graphs and bar 

Every dealer’s monthly 
accounts are kept for 36 months 
which gives manufacturers a 
valuable resource to track 
trends. 

Among other things it has en-. 


repon 

rate graphics which show 
' ' larta. 


m. 

ill 


abled “profit clinics’' to be 
established in which several 
non-competing dealers from the 
same franchise and from diffe- 
rent areas can use reports pro- 
duced by Alison as a basis fbr 
swapping ideas about why one 
is dome better than another. 

This idea has so milfih appeal 
that 190 GM dealers signed up 
for the clinics as soon as they 
were told about the possibility. 


Mr Bennett says: "Most deal- 
ers have very sophisticated 
accounting systems and have in- 
vested heavily in transferring 
them to computer-baaed sys- 
tems. It helps the dealer 
tremendously to have his 
performance rated against the 
national and regional aver- 
ages." 

Most dealers take a very posi- 
tive view and do not sec thc 
Alison system as a “big brother 
watchdog. In any caso.raany 
manufacturers. Including^ GM 
Ford, insist ander the terms 
of awarding the franchise that 
dealers present them with 
monthly management accounts. 

Where dealers are suspicious 
and not bound to give the In- 
formation, Alison will not hand 
on details to the manufacturer 
unless toe dealer gives permis- 
sion. 

Various procedures are used 
to ensure confidentiality. To 
take a simple example: there is 
care fel screening of the en- 
velopes in which the reports are 
sent to dealers to make sure that 
nobody receives a competitor’s 
report 

Mr Bennett suggests “there 
are not many companies of our 
size with so many blue-chip 
customers." The only major 
manufacturers who are not on 
the list are the Volkswagen- 
Audi importer in the UK (a Loti- 
rho subsidiary which uses an in- 
house dealer management 
acco unting s system) and Austin 
Rover. 

He has some hope that at least 
one of them will join his client- 
list before long. 

Kenneth Gooding 


An ever-widening range of applications 



Design Computing's graphics module offers full 30 modelling with a wide range of viewing projections, 
Including orthographic, trl metric and per sp ective. 


This integrated system will 
use a factory-wide broadband 
local area network for com- 
munication between its consti- 
tuent hardware— IBM-PCs on 
the shopfloor for speech-driven 
inspection and fault rectifica- 
tion; Logica-developed hard- 
ware to support teletext on the 
assembly line TV monitors: and 
a DEC microVAX running an 
ORACLE relational database 
application in the quality assur- 
ance department. 

Rapid feedback of fault 
information and the disciplined 
management of fault rectifica- 
tion will provide benefits 
through cost savings from 
reductions in fault rectification 
production disruption and 
warranty claims. 

Banking 

software 

forum 

A NUMBER of major banks in 
the UK which use financial soft- 
ware from MSA (Management 
Science America) have formally 
established the Banking Users' 
Group (BAKUF). 

The group's chairman, Mr 
Michael Everington of Midland 
Bank, sees it as a significant 
development in a sector where 
such user groups are not 
traditional, not least because 
technology has become a 


strategic issue in terms of com- 
petitive advantage. 

The group, independent of 
MSA but set up with the soft- 
ware company's support, has 
been founded by the Midland 
Group, Klein wort Benton, the 
Swiss Bank and the Westpac 
Banking Corporation— all of 
which are using financial 
application packages from MSA. 
including general ledger, 
accounts-payable. Information 
expert and financial controller 
systems. 

Michael Everington, head of 
the Midland's accounting 
development unit, first mooted 
the Idea of such a forum. The 
group will meet monthly to dis- 
cuss major issues and identify 
common requirements for 
developments and enhance- 
ments to the MSA products. 

Mr Everington’ s intention is to 
have both data processing and 
end-user representatives at the 
meetings, and he is keen to 
stress that the group will "roll 
up its sleeves— it wont just be a 
paper-shifting committee.” 

According to MSA, the last 12 
months have Been a sudden rise 
in the use of packaged software 
by financial institutions, with 
deregulation bringing a focus to 
back-office systems as the mar- 
ket has become more competi- 
tive. 

MSA claims to be the world’s 
leading supplier of IBM main- 
frame applications software 
with over 14,500 systems instal- 
led. In 1986, revenues exceeded 
6183.5m. 


Good user documentation sells 
software. 

TMS Computer Authors have been in 
the business of preparing user 
documentation ana training material since 
1982. Our clients include computer 
manufacturers and software companies, as 
well as users who develop their own 
systems. 

Documentation 

We specialise in the production of high 
quality user documentation. We will plan, 
design and write the manuals to suit your 
product and target audience. 

We can also advise you on the use of 
on-screen text, and provide complete on- 
screen documentation if this is appropriate. 

Training 

User traihing and documentation 
demand a consistent and coordinated 
approach. We produce training course 
material — workshop exercises, CBT 
courses and tutor notes, and can advise on 
the technology and authoring tools available. 

shot 

Computer Authors 

The Sheilings The Street Wonersh Guildford 
Surrey GU5 OPE /Tel: Guildford 0483 898606 


New system 
to help ... 
architects 

WITH THE launch of Design 
Computing, Mr Bob Phillips, the 
Bristol company’s managing 
director, is . determined to 
change the architect’s way of 
life,, and more Importantly — 
work. He realised, through his 
own practice and from Design 
Computing's existing user-base, 
that the time-saving and control 
facilities of a computer-aided 
design (CAD) system could be 
farther enhanced to encompass 
all toe business activities of an 
architectural practice. 

“ The architectural market is 
showing a lot of interest in 
CAD,” says Mr Phillips, “but 
our research identified a defi- 
nite need to approach the com 
plete Tange of business activi- 
ties within such a practice— -in 
fact, to produce an Architects' 
Business Package.” 

The development of that con- 
cept, originally called “ Glnga, 
has led to the funding of the 
company. This, in turn, has 
allowed the building of a team 
to advance both the initial pro* 
duct, and its farther develop- 
ment, called "Archway," both 
in the UK and Europe. 

Phillips’ interest in CAD 
evolved when working in an 
academic capacity for Bristol 
University’s Architecture 

Department Here be met Mike 
Beaumont who was to become 
his partner in farming Design 
Computing in 198L 

With assistance firom their 
financial advisers. Design Com- 
puting went on the venture trail 

The search led Design Com- 
puting to Prelude Technology 
Investment, a venture capital 
organisation, based in Cam- 
bridge. 

Keith Fadbury, one of the co- 
founders of Prelude, comments: 
“ We are more than just a cash 
injector. We all have experi- 
ence of running an expanding 
business in the technological 
sector and have either technol- 
ogy or financial backgrounds. 
This means we are able to pro- 
vide commercial as well as 
financial direction,” 

Prelude agreed with Design 
Computing to set about finding a 
high calibre marketing team 
with a sound knowledge of CAD 
and the European market- 
place— qualifications necessary 

for the proposed European 
distribution network. 

The necessary expertise was 
found in toe form of John 
Meaney and Nigel Payne. The 
two have subsequently joined 
forces to form Design Comput- 
ing Europe, a wholly-owned 
subsidiary of Design Comput- 
ing. Meaner comments that “ all 
too often product developments 
fall because the developer is 
unable to identifr and assign 
toe correct distribution chan- 
nels. Good product developers 
are unlikely to be experts In 
marketing and distribution 
problems." 

Prelude agreed to inject 
£400,000 into Design Computing 
at toe end of November 1986, 
giving Pad bury a seat on their 
board. 


: i 


The art of business 
communication. 


- ory .*!. .<4 ' CA , 

■ ; cr -.VO) 1 O n LCiO . 


OJRRENT Si 

V And kect ouartS* 

u him 


I wrtm i t r 

n * areas rt cwnrwi y 




— mm* 

Introducing Concorde • Total Graphics. 

• MmGiipfilet 

•Ttat 

• Draw a i Paint 

• Runtime Shows 

• Capture 

• image Database 
•Animation 

• Interactive Training 



TheOneStop_ 
Financial 
Software House. 



In these ever demanding financial 
times. It’s good to know there’s one 
software house taxing the wheel, 
supplying a fuJJ range of business systems 
on a wide range of hardware. 

Whether you travel lBflrf.lCL.0r DEC. 
you protwbty have the same destination In 

control. That’s why the world’s feeding 
range ot financial software is SvaHaHe flrl 
all 3 machine environments. 

With more than 700 systems 


installed n the UK and over 6000 
worldwide, isn't it time you travelled the 
same route? 

Ptea« contact Janet WWton for 
more information. 

-McCormat* & Dodge Limited, 

PO Box 273, Kings House, Bond Street 
Bristol B$99 7AL Teh (0272) 276866. 

M'ConmdiCtDodgp 

Limited 



_ ~j‘ ttSte fiffiktA G 'VA-i’r r/ ? » 




31 


financial Times Monday May 11 1987 

( SOFTWARE IN BUSINESS 3 ) 


Desktop publishing 


Optimism over long-term prospects 


DESKTOP publishing “turns 
hi g hl y paid executives into 
second-rate designers"— this is 
the view of one part of the com- 
puter industry, particularly of 
those suppliers who are not 
entering the market 
On the other hand those who 
have entered the market predict 
that desktop publishing soft- 
ware will eventually become as 
commonplace in the office' as 
the spreadsheet or even the 
photocopier. 

On the latter view, there is an 
underlying belief that corporate 
man no 'longer wants to com- 
municate with words only but 
with lots of graphics images and 
charts, and with a choice of 
many different type fonts and 
sizes. - - - 

After all, people do not think 
in sequential text mode, so why 
should they be made to express 
themselves in that manner? 

The reality lies somewhere 
between these two opinions. 

“You get a slick presentation 
from the dealer,” says Mr 
Jonathan Wright, joint manag- 
ing director of Technology Ser- 
vices International CTSD, a 
specialist . recruitment agency 
for information technology per- 
sonnel. 

“Then when you have bought 
the desktop publishing soft- 
ware, you realise that it is sim- 
ply a page makeup package and 
that you really need separate 
packages for word processing, 
graphics, artwork and so on, all 
of which have to be integrated 
into one system. 

“We are in the process of 
installing Xerox's Ventura 
desktop publishing software on 
IBM PC compatible personal 
computers but that alone does 
not give yon a full desktop pub- 
lishing system. 

“It also needs significant 
skills because we find that even 
with aids such as screen icons 
and mouse pointers for 
keyboard-shy operators it is still - 
very complicated to use. 

“Having said that, we have 
found it to be very good for 
internal purposes. It does not 
produce camera-ready artwork 
for our recruitment advertise- 
ments, but it does allow us to 
produce rough layouts cheaply 
on a laser printer for proposals 
to clients, before going to type- 
setting. 

“You can still output it elec- 
tronically to a diskette and send 
it off to a typesetter for page 
make-up.” 

The electronic publishing 
market seems to be racing off in 
all directions at the moment, 
covering anything from word 
processing software with 
embedded typesetting com- 



Mastering office paperwork: Systems to managb documents for workgroups ranging in size from a few people to hundreds are assembled 
above, from Xerox Document Solutions equipment Persona! computers and word processors can share a laser printer, so even a small 
office can create profeastonat-quaUty pobBcatlons. Equipment configurations are determined by needs of htdMduals, workgroups and Job 
obj ec tiv es . 


mauds to frill-blown computer- 
aided design graphics systems 
for major publishers and news- 
paper groups. 

However, the prevailing 
definition of a desktop pub- 
lishing system at present says 
that it comprises a personal 
computer based workstation 
connected to a laser printer for 
near-typset quality output, with 
optional image scanner input. 

.The Apple Macintosh perso- 
nal computer has been the most 
successful in this market Mr 
David Jones, who joined Apple 
UK as desktop publishing 
marketing manager in 1985, 
says: “As Car as we are con- 
cerned, desktop publishing w as 
born out of three principal ele- 
ments.' 

“One is the Macintosh, and 
the features which made it 
important were the mouse poin- 


ped screen and the 32-bit mic- 
roprocessor which had enough 
horsepower to move graphics 
around quickly. 

“The second element is the 
LaserWriter printer, driven by 
Adobe’s PostScript which is 
now the industry standard soft- 
ware for laser printers. 

“ The third element was the 
ability to share this resource 
using Appletalk to allow other 
Apples to come into a PC net- 
work. The principal software 
product is Aldus's Pagemaker. 
Apple, Aldus and Adobe effec- 
tively pioneered desktop pub- 


In 1965, according to Mr Jones, 
there were less thaw 1,000 
desktop publishing systems 
installed in the UK although 
there were other user-friendly, 
text-based systems around for 
people who wanted to produce 


ter, the high resolution bit-map-, newsletters, and so on. 


By 1988, there were 14,000 sys- 
tems sold throughout Europe, of 
which about 70 per cent came 
from Apple. Traditionally, the 
UK makes up 20 per cent of the 
European computer market but 
in desktop publishing, the UK 
has 25 per cent With an average 
system price of $8,000 to $9,000, 
this works out to a market of 
about $30m. 

“ We estimate that some thing 
like 20,000 systems will be sold 
in the UK in 1987, although 
about 40 per cent of this market 
will be desktop publishing 
upgrades to existing personal 
computers like the IBM PC AT, 
costing around $4400 and using 
additional graphics facilities, 
mouse drivers, and so on." 
Aldus’s Pagemaker pulls in text, 
graphics and scanned image 
files from other software pack- 
ages and produces 4 command ” 


files to drive laser printers or 
typesetters for output in seven 
present sizes from A3 to A5 or 
custom page sizes to a maximum 
of 17 by 22 inches. 

Originally available for the 
Apple Macintosh only because 
IBM's PC graphics did not come 
up to scratch at the time, 
pagemaker is now available for 
the IBM PC range. 

Mr Derek Grey, managing 
director of Aldus UK, says: 
“ Some predictions put toe 
worldwide desktop publishing 
market at $5bn by 1990, but toe 
reality is that nobody knows 
what it is worth. 

“We support Pagemaker in 
seven languages. In our first 12. 
months of trading, we shipped' 
more than 50,000 copies of the 
Macintosh version of 
Pagemaker, worldwide. An 
independent survey of compu- 


ter dealers in toe US puts us in 
fourth position in US software 
sales behind companies like 
Lotus and Ashton Tate. 

“ Our view is that we are at the 
same stage as the spreadsheet 
was about six or seven years ago 
when people thought it was only 
going to be used by specialist 
users for sophisticated finan- 
cial modelling. 

“ The fact is that today almost 
every PC has one and there is no 
doubt in my mind that desktop 
publishing software will go the 
same way." 

Mr Charles Geschke and Mr 
John Warnock, co-founders of 
Adobe Systems both left the 
Xerox Palo Alto Research Cen- 
tre where they worked in 1982, 
the home of many innovations. 
Apple's Macintosh design is 
very much based on Xerox's 
Smalltalk research project, for 
example. 

Mr Geschke was involved in 
the research which led to toe 
Xerox Star corporate pub- 
lishing and documentation 
workstation, and also to the 
interpress printing protocol. 

Our original business plan 
was to build a fully integrated 
system for printing and pub- 
lishing," he says, 

“This would have used a 
workstation, printer and type- 
setter. and would have involved 
selling not only software, but a 
complete turnkey system direct 
to users. 

“ We soon discovered that 
there were people both in com- 
puting and in typesetting who 
wanted to have access to faster 
technology but did not under- 
stand how to organise the soft- 
ware, so we changed our busi- 
ness to become a supplier to 
original equipment manufactur- 
ers (OEMs). 

“ The Apple LaserWriter was 
introduced in January 1985 and 
provided our first major client, 
but we also announced a 
relationship with Linotype 
which provided us with a 
licence to their entire type lib- 
rary, and which would lead to 
toe development of a typesetter 
to incorporate our software and 
electronics design." 

The IBM PC is still trying to 
catch up with the Apple Macin- 
tosh in desktop publishing, and 
the enhanced graphics facilities 
of IBM’s newly announced 
Personal System 2 should help 
it along. 

Xerox has already launched 
Ventura, based on Digital 
Research's Graphics Environ- 
ment Manager (Gem) products. 
Several weeks ago. Digital 
Research itself launched its 
own Gem Desktop publisher. 

Boris Sedacca 



v' 1 ■ ' ■ *’ J “ V - 






The CARBS Eagle system In use 


3D modelling package 


A FULL 3D modelling software 
package with all the power acd 
facilities of a mini computer 
system is now available for 
personal computers from 
Carbs International Marketing 
of Derby. 

Design applications include 
industrial component manu- 
facturing, domestic appliance 
manufacturing, architecture 
and interior, furniture and tex- 
tile design. 

The package is now available 
for IBM PCs and will provide 
users with the full fractions or 
the original system. Eagle was 
launched by Carbs over seven 
years ago and is in use 
throughout the world for 
applications as diverse as pro- 
cess engineering and coal 
mine development, under toe 
brand names of Acropolis and 
MincacL 

CIML’s new personal compu- 


ter version cost £4.400. which 
includes training. This, the 
company claims, makes possi- 
ble full-colour, intelligent. 3D 
modelling turnkey systems for 
under £10.000. 

Mr David Darn, marketing 
director, explains: 11 There is a 
major market for a low-cost, 
versatile 3D modelling sjstco 
for PCs. The traditional route 
is to use this smaller end of the 
market to develop the systems 
building up to the mini compu- 
ter scale or to reduce the facili- 
ties of larger versions. 

Eagle was developed ori- 
ginally for the more powerful 
market and we are now making 
it available, with a!l its facili- 
ties, for the growing number of 
PC users. Our philosophy is 
that this version will allow 
them to prove the benefits of 
CAD sy stems without spending 
enormous sums of money," he . 
says. 


Graphics software deal 


PANSOPH1C SYSTEMS, one of 
the world's leading indepen- 
dent software companies, is set 
to break new ground in the PC 
graphics arena through an 
arrangement with audio-visual 
communications consultants. 
Mediated). 

Under the arrangement. 
Mediated) will distribute Star- 
burst Plus, the PC graphics 
package recently acquired by 
Pansophic from AVL. Accor- 
ding to Mr Terry Ewing. Pan- 
sopbic's vice president or Euro- 
pean operations, Pansophic is 


committed to developing the 
product and has already inter- 
faced it with the D-P1CT 
graphics product line currently 
running on mainframes and 
minicomputers. 

“ PC graphics packages are a 
totally new arena for us,” said 
Mr Ewing. 

" Mediatech has been market- 
ing Starburst Plus in the UK for 
a number of years. The company 
has a depth of experience in 
graphics and presentation tools 
which we believe will prove 
very useful." 




called our latest 
ackage Ability Plus. 



' •> vT' * * ' - ' - 

*. C'> lT. 1 *!” >T-7 1 v I «< ,*»* y ir 1 1 % •• * *t~ ^ . *.*. *. . * 

• .’I* . ^ '' •• • <*. .'f .,v * .r. 1 . *‘Y>* ,J,i f w 






SYMPHONY £550 


WORD PROCESSING 
FLAT FILE DATABASE 
SPREADSHEET 
BUSINESS GRAPHICS 
COMMUNICATIONS 




£650 







'--if ft, 

fMifcrtE 


t I 


. ■ • .-. *. . • ■ * Si.” ., ■ • 

;;; 

ABmT^UJ^59 


UNIQUE LIVE INTEGRATION 
WORD PROCESSING 
RELATIONAL DATABASE 
SPREADSHEET 
BUSINESS GRAPHICS 
COMMUNICATIONS 
' PRESENTATION 



Not content with the phenomenal success of 
our Ability software paekage^we’ ve seated a new 
one, with more of eveiything which made Ability 
such a winner. 

Ability Hus is quite simply, the country’s most 
powerful integrated software p&kage. 

It outstrips Hs competitors both in terms of 
performance and price. 

-Ideal for the business and ijhe corporate user, it 
includes features to give you a degree of flexibility 
across all functions, unmatched in the market 

Yet just like Ability, it is incredibly easy to use. 

What do I get for £159? 

A six function package, with impressive capacity 



across all six elements, which is the last word in 
live integration. 

Ability Plus comprises word processing, 
spreadsheets, business graphics, database, commun- 
ications and Presentation! (the PC “slide show" 
builder). And it also gives you a saving of nearly £400 
over the competition. 

But perhaps most impressive of all is Ability Plus' 
fully relational database. Which means it can look 
up information, whether you're working with a 
spreadsheet, database, graph or document, then 
correlateiteasily. 

Inbuilt into its design are flexible and extensive 
data validation procedures. These, combined with 


the backup and retrieval functions, give you 
complete data integrity and security. 

AD this is achieved without rime-consuming and 
complex programming procedures. It has very 
comprehensive and advanced macro functions, so 
you can tailor your own system very easily. 

Ability Plus gives you a really powerful word 
processor. It has an English spell-checker and it 
gives you features like subscript and superscript, 
triple line headers and footers, even decimal tabs. 

And when it comes to importing and exporting 
files from other software programs, you’ll find 
Ability Plus makes it simplicity itself. 

Requiring just 384k RAM memory, it’s a lot less 


greedy than the 512k RAM of Symphony, for 
example. 

AbOilty Plus gives you capacity, flexibility, 
seamless integration and yet (compared to the 
competition) its childsplay to operate. 

The Ability plus Heritage. 

Ability Hus is the latest software product 
designed specifically for the British market by 
Migent (UK) Limited. 

Our successful understanding of precisely what 
the business software market needs is demonstrated 
by the impact made by Ability'. 

Common to both of them (and to the products 
we are currently developing) is ease of use, 
significant and pertinent features for the busy- 
businessman and a truly competitive price. 

We intend to keep on demonstrating that 
Migent, more than any other software company, 
has understood the need to put science at the 
service of the businessman, not baffle him with 
science. 

Ability owners are given the opportunity to 
upgrade from Ability to Ability Plus for just £69, 
plus VAT. 

So, whatever your business, we think you’ll 
agree that we have all the Abilities you'll need to 
make life a lot easier. 

Migent (UK) Limited, 37 Dover Street, London WIN I 
5RB. Tel: (01) 499 4752. j 

i 1 Please send me full details of Ability. j 

□ Please send me full details of Ability Plus. j 

[~1 1 wish to upgrade from Ability to Ability Plus. * 

□ The name and address of my nearest dealer. j 

Name — — 1 

Position — - ! 

Company I 

Address I 


AVAILABLE AT YOUR LOCAL DEALER OR FROM DIXONS. LASKYS. HYMANS, HARRODS AND SKLFRIDGES. 





\ 

l 


Financial Times Monday May 11 1W 


SOFTWARE IN BUSINESS 4 


Profile: Ashton-Tate 

A seven-year 
success story 

"A CLASSIC case study in for dBase II during its early 
American corporate develop- days and they did Ashton-Tate 
ment” — this is how the US soft- no harm. And, as the UK's man- 
ware company, Ashton-Tate, aging director, Mr Paul Sloane 
describes itself in its latest admits, “ The name dBase n 
annual report. The description gave it an air of pedigree which 
is not only justified by the com- it did not have." There was no 
party's remarkable success in its dBase L 


Packaged software and new technology 




Big impact on personal computing 


short seven-year history, but is 
characteristic of a company 


which has always had a strong press, 
sense of destiny. described as an applications ... „ . . . 1TKo 

Ashton-Tate was Formed in generator, a database manage- apa T st f.”?T » 

the summer ofl830 by two ambi- ment system and a fourth 5^“:? w ®£ uig 
tious computer enthusiasts at a generation language. “At the H^jution pu £f h ^_ of 
time when much of California time it was a staggering facility mate makes to this years 
seemed to be in an entrepreneu- to have on a micro," says Mr Pronxs. Ar . _ . 

rial frenzy, inspired by the Sloane. , _ 

dramatic success of Apple Com- The company was ambitious 1984, 85 per cent or its 

puter. from day one, and an inter- revenue was due to the one pro- 

Li ke the founders of Apple. Hal national distribution network duct, dBase IL 
Lash lee and George Tate was quickly established. Its 1886 -»> elledb; yd' emand for 


The product was rarely off the 
front pages of the computer 


v;: 


foane, managing director, 
Ashton-Tate (UK). 


variously 


Sloane. 


When Ashton-Tate went 


The company was ambitious lie ^ 1984, 85 per cent of its 
from day one, and an inter- revenue was due to the one pro- 


Like the founders of Apple. Hal national distribution network p _. 

Lash lee and George Tate was quickly established. Its “ i986. ^eUe^^emand for 
developed their product, a soft- growth has been rapid and sus- “e new dBase EEL Plus and the 
ware package for developing tained. Sales have leapt from low-cost PC mar- 


I I SPECULATION about the im- 
' | pact of the 32 bit microp- 

I rocessor on the world of perso- 
I nal computing has reached a 
I frenzied pitch since early April, 
I when IBM announced its new 
. I Personal System^ computer 
I range and Microsoft, the US 
tew. 1 software house with which it co- 
J plJ I operates, unveiled details of its 
191 new operating system software, 
BS9 os/ 2 . 

idor The most powerful of the com- 

’ puters announced by IBM, the 
Personal System Model 80, uses 
a 32 bit processor, the Intel 
80386, which can process 32 in- 

II be structions . simultaneously, 
con- twice as much as the previous 16 
Culti- bit processors on which the IBM 
ear’s PC was based. 

The Microsoft operating sys- 
pub- tern OS/2, which controls the 
if its housekeeping tasks of the com- 
pro- puter, makes foil use of the so 
called “ protected mode " of the 


In 1986, fuelled by demand for 80386 and the earlier Intel 80286 
le new dBase EEL Plus and the processor, unleashing vast 
•owth of the low-cost PC mar- amounts of memory space and 


personal computer database 
applications, in tbe back of a 
garage. They raised their initial 
capital— $75,000 from friends 
and other private sources. 

That product. dBase IT. along 
with its successors dBase 111 


tained. Sales have leapt from growth of the low-cost PC mar- amounts of memory space and 

S3 6m in 1982 to $121. 6m while ket, 79 per cent of income was high speed processing power to 

profits more than doubled in still due to the dBase family of the software developer. Tbe ex- 

1986 to reach $16.5m. products. perts are predicting that these 

With several acquisitions now Because of its continual announcements will have a 


perts are predicting that these 
announcements will have a 


under its belt, tbe company is development dBase has main-J dramatic impact on personal 


valued at some SSOOm. 


tained a remarkable bold on the! computing. 



with its successors auase in During its one troubled year, market— it is estimated it has in technology terms these new. An arolritoctnral fhm using IBM’s now Personal System/2 Model 80 to solve complex mathematical, iireadv 

and dBase HI Plus, now domin- 1882, Ashton-Tate brought in bjwj P« a " d ™ JlK acteotWc and engineering problems. A 16 In. tifgb-atkfiwnabflftr display unit, shown above, gives *52SnmSnt^ 


central processor supporting a 
number of tennlMla- 

M Multi-user operating sys- 
tems, such as Digital Reteareh s 
Concurrent DOS and I the 60S 
operating system from the UK 

company BOS Software, already 
support hundreds of applica- 
tioruT Computers which use 
these systems, such as those 
bdilt by the UK companies. Bair 
and Comart, will now be able to 
support as many terminals as 
many small minicomputers. 

The fhll implications of the 
processor’s multi-user possibili- 
ties have yet to emerge. The 
80386 supports the ability for 
one Unix multi-user operating 
system to run several different 
terminals, each one appearing 
to the user exactly like their old 
IBM PC. 

IBM itself is rumoured to be 
developing a new multi-user 
operating system witn Micro- 
soft— a development which 

would prompt 

the future of the IBM System 36 

minicomputer. 

For most users the really ex- 
citing possibilities lie with en-^ 
tirely new software. Programs to 
read large optical disks packed 


ware. Last year, the millionth pany. His strategy has been to miwbkuu9wvbi»u«»cwc.. ursi company to announce a 
copy of a dBase product was win international market share fluick to see problems for product using the 30386 proces- 


shipped. There are 
users in the UK alone. 


100,000 with a diversity of products. Ashton-Tate in the new IBM! SO r p nor was Microsoft tiie first 


E" d “ h i SSF-kPET i “?SH genera! purpose 32 bit applica- Motorola, with its 68000 family earlier processors. 


Right from the start Lashlee company has introduced the ments The new top end OS/2 tern to run onthe chip. Nor, Jgjgr 

. . , . _ , . < _ i. • i nnaralina evctain anil iflMmn. c th. VMM flwt M UOU5 SOICwaTc. 


and Tate demonstrated dBase III products, which were 
entrepreneurial flair. With a developed specially for 16-bit 

combination of luck and judg- computers, the Framework inte- 
rne nt, dBase II was introduced grated software system, and 
right in the middle of the debate bought the word processing 
about the ‘applications backlog* company. Multimate, and the 
and the ‘software crisis.' business graphics software com- 

With data processing mana- pany. Decision Resources, 
gers throughout the US snowed The company has also 
under with demands for new announced its first products 
systems. dBase 11 was quickly aimed at linking dBase users to 


picked up 


the computer users of System 36 IBM mini- 


operating system will incorpo- indeed, is the 30386 the first 32 TZZ!;.. *, _ 

rate some kind of database man- processor— the Motorola 68000 

agement function which could family and the National Semi- S P,!h 

in theory make dBase unneces- conductor 32000 series both pre- ware c ? m P® n y m the world, and 
saiy, while the power of the top dated the Intel products and ?® ve J 

models will tempt more com- have been incorporated in seve- 55 

petition from established mini- ral personal computer and ^ 

computer database software workstation products. ^ 

vendors. But IBM still dominates the **“ 

Ashton-Tate says it is not wor- computer industry and its 
ried by these developments, personal computers still set the 

The low-end nersonal computer standards evervnne else fnl- “6 software vendors, such as 


ns. m in. nisn-noaresHHiiHf S'— under development 

lies and tbe faculty to choose born up to 266 colours out of a palette under development, 
ilde of tbe table Is the IBM 5.25 In. external diskette drive. Behind It Companies such as MicroPro 
Is the new IBM Praprintar XL 24 are talking of supplying special- 

ist dictionaries, such as medical 

or legal, for use with their word- 

Motorola, with its 68000 family earlier processors. processors. Lotus Development 

of processors, has had even With the new operating sys- is on t j,e verge of making seve- 
greater success. tem the challenge for. the soft- ^ major announcements which 

These products are typically ware houses is to find applica- should dramatically increase 
In use in “ power hungry " sys- tions which can actually use the facilities of the 1-2-3 spread- 
terns such as computer aided new power and which tbe mar- s heet 

design workstations where a ket wants. Software houses must .... 


of processors, has had even With the new operating sys- 
greater success. tem the challenge for. the soft- 

These products are typically ware houses is to find applica- 
ln use in " power hungry ” sys- tions which can actually use the 
terns such as computer aided new power and which tbe mar- 


minicompu- design workstations where a ket wants. Software houses must 
i days if not sophisticated screen display come up with problems which 
> would be must be backed up by fast demand sophisticated solu- 


mathematical computation. 
Other specialist “turnkey 


tions. As Microsoft's founder 
Bill Gates has put it: H Can we 


press as ‘the saviour system'. computers, and others aimed at 
At last managers could avoid users of Digital Equipment 
the queue and develop their minicomputers will follow. 


Systems have also been de- soak up the cycles?" 
veloped which are designed If there is one thing on which 
specially for one job— for all the computer companies the use of optical character rec- 


Desktop publishing, which In- 
volves high quality graphics, is 
emerging as a major area of 
interest for software houses, 
while office automation could 
be boosted by a resurgence in 


own applications on their own 
desktop computers. 


Many wild claims were made to 


Tbe diversification strategy 
has been of limited success up 


vi u«v mviv uuu o amuc ui uiu uiolacl iui r M .-t-ruil nu*' 

will it believes, demand the personal computer operating 
familiar dBase with its powerful systems. The two companies 

functions. _ _ . will provide marketing might to MS&SfTO.JffSra! 


example the Scicon “ Director " seem to be agreed it is that 


ognition. 


existing 


simulation training more power you give a user, the documents are scanned and can 
more he will use." then be processed by the com- 


positive 


Andrew Lawrence 


THREE OF THESE DISKS 
COULD RUIN YOUR 
BUSINESS. 

THE OTHER ONE COULD 
IMPROVE IT NO END 


AutoCad computer aided design 
system. 

In all, as many as 250 com- 
panies are reported to have 
plans to develop OS/2 products. 

The impact of 32 bit proces- 
-yy-w -w yv-M sors up to now has been con- 

^ I t 1 t 1 siderafale in technical comput- 

1 1 ' teg but negligible in general 

/ I v j I \ v 1 business computing. National 

Semiconductor claims that 200 

customers worldwide are using 

F Tj\ its 320000 family processors and 

I I B 1 another L800 are evaluating it 


aircraft simulation training ^ . 

system. more lie will use." then be processed by the cont- 

using the Unix multi-user Two obvious categories of puter. The technology is well 
operating system, which can prospective 32 bit system nsers understood, but has yet to make 
support several terminals po- nave already emerged. Those much of an impact on the 
wered by one processor, several running large spreadsheets or market 
multi-user “supermicro” sys- other power hungry applica- . 


multi-user “ supermicro ” sys- other power hungry . applica- . 
toms have also been developed tions such as computer aided 
using the 68000, but they have design will buy the systems to 
nottaken a major share of the geTmore spe^L Many users in 
PC market the City of London have ex- SSS^S^TSSaSSto 

The coming of age of the Intel pressed their interest in the 3 memolv 

80386 brings different opportu- Compaq Deskpro 386 computers ^wer^itebTeon 

nities altogether, Even without and others simply to make their .. "5“ 
the OS/2 operating system it spreadsheets give them answers J 

could run standaril IBM PC more quickly. 
applications such as spread- Other users will want the sys- 


It also seems certain that the 
new power available will speed 
up the development of artificial 
intelligence and expert systems, 
which use up considerable 


wort prJS eJETTp toms to useas “file sereera "for with professional expertise. 


to four times faster than on a network of computers or as the 


Andrew Lawrence 


P 0 WERB 0 UGHT*P 0 WER 0 RDER* POWERS 

S 






SAL£S-FnP 0 WERB 0 UGHT-F« P 0 WERPAY*P 0 WERUNK 




Not all 


BUSINESS SYSTEM 


BUSINESS SYSTEM 



, ^ . • I " V-U?; 


BUSINESS SYSTEM 


BUSINESS SYSTEM 



•: - -I- •; - v ‘ 'V' H U : yV - - ‘ . 1 i \ 

-I 

>. ''^1 ‘I 


How do you tell which system 
you need? 

Who do you ask? 

If you approach different sup- 
pliers direct, you’ll get many different 
answers and you can hardly expect 
them to be unbiased. 

A few words with Ernst &. 
Whinney will help you avoid making 
an expensive mistake. We provide 
expert advice that's 100% unbiased. 
We're one of the country’s leading 
consultants in business computing. 


We make it our business to monitor 
and research new developments and 
new systems. We’ll provide the right 
answers to the questions you should 
be asking, starting with; 

“Do I really need to computer- 
ise at all?” 

If you don't, we'll be the first to 
tell you. If you do, we’ll help you 
select the right system. Then we’ll 
help you exploit it to the full, so that 
you get the information you need to 
run your business more effectively. 

You may also ask “Will the costs 
be reasonable?” 

We will offer you a service 
flexible enough to meet all your 
individual needs. A service that saves 
you time and saves you money. 

If you contact Jane Hargrave on 
01-928 2000 she’ll send you more 
information and arrange an initial 
discussion. 

Fittingly, this will be absolutely 

free. 

Ernst &Whinney 

Accountants, Advisers, Consultants. ^ 

Bvtkct House. I Limbcth Palwcc Rojii London 5EI 7EU- HI; 01-928 2000. 


accounting software 
really measures up. 


When an accounting system forces you to 
choose between ease and capability, the nearest 
you'll ever get to a good fit is a reasonable compro- 
mise. Unfortunately, that's the choice you get with 
a lot of the so-called 'easy-to-use* accounting 
software packages. They aren't comprehensive 
enough. Or they're quickly outgrown. You may not 
be able to run them on the equipment you'd like to 
buy. Even worse, their idea of formats, reports, 
management structures and general business style 
may be vastly different from your own. 

We could go on, but we think you've been 
there already. 

' Omrcron Accounting Software is very different 
We begin with the premise that you know more 
about running your business and making it grow 
than we do. Tien we offer you a means to high - 
quality management information that can keep up 
with changing needs of a smaller but ambitious 
company like Tiger Books International Ltd, yet is 


powerful enough 
to cope with the 
extensive multi- 
user multi-site 
requirements of 
British Alcan 
Aluminium pic. 

Omicron's 
sophisticated, and 
flexible features take 
it out of the realm of 



run-of-the-mill accounting packages, ft has 
powerful report writers that allow you to create the 
management reports most useful to your business. 
And its coherent structure puts ail your business 
activities in perspective. In fact chartered account- 
ants Deioitte Haskins & Sells were impressed 
enough to feature Omicron Accounting Software in 
their.book Businessman's Guide to Microcomputers . 
They commented, "...they have facilities to play an 
integral role in a management information and 
control system." 

Here's the best news. Because Omicran 
Accounting Software is made to fit in with your 
own management approach, you don't have to turn 
your company upside down to install it And it's so 
straightforward, you don't have to be a genius 
either. 

Whatever the size and scope of your accounting 
and business management requirements, Omicron 
can handle it -.on virtually every proprietary 


operating system, including UNIX Sooner or later, £ 
most accounting software will put you in a squeeze. * 
That's when you'll appreciate the one system that § 
does measure up. i S 


VCHON 


FINANCIAL AND MANAGEMENT ACCOUNTING SOFTWARE 5 


rd like to see if Omicron can me 
Omicron 


COMPANY 


— TRY THE OMICRON FIT—- ■ — 

can meet my measure. Please send me more information and my copy of the Delaine Haskinc a Coiie 
micron flAanagement Software lid, 51 Holland St, Kensington, London W8 7]B. & 5 repoft 


ADDRESS 


• POSITION 


POSTCODE 


FT 110487 


P 0 WERSALE 5 • P 0 WERUNK • P 0 WERPAY* P 0 WERB 0 UGHT-F* P 0 WERSALES-F* PQWERTARGET* P 0 WER 0 RDER* § 






33 


Financial Times Monday May 11 1987 


( SOFTWARE IN BUSINESS 5 ) 


UNTIL RECENTLY there were 
two ways to put an application 
on a computer. The software to 
make the application work was 
either written Dram scratch 
(customer-built) or . a software 
package was purchased from a 
software supplier. . 

Both approaches have their 
advantages and disadvantages. 
Building custom or “ bespoke " 
software allows the computer 
user to specify exactly what is 
required and generate software 
to meet this requirement Bat 
custom-built systems are expen- 
sive both to build and to main' 
tain. 

Packages are less expensive 
and maintenance is the 
responsibility of the supplier. 
But packages invariably fail 
short of the specific require- 
ments of a company. This means 
that they must either be mod- 
ified or the company must 

tofitMn wi2 y the < pacfage.* neSS 
Another disadvantage of 
packages is that they mate it 
difficult for owners of the same 
package to gain commercial 
advantage from their computer 
systems. 

For many computer applica- 
tions the choice is dictated by 
the application. No one would 
think of building a spreadsheet 
-or a wo rdproc ess ing package for 
themselves. It is easier and 
cheaper to buy one. Yet a large- 
scale, on-line order processing 
system is unlikely to be covered 
by a package because each com- 
pany works differently and the 
software will usually be custom 
built These systems, which . 
have many users working simul- 
taneously, coaid only be instal- 
led by large, rich companies. 

But the dramatic foil in the 
cost of hardware and the 
increased performance of mod- 
ern microcomputers brings 
such systems within the reach of 
smaller companies. Often these 
companies cannot afford a fully 
custom-built system and find 
the available packages limited 
in their use. 

Software companies have 
began to react to this, however, 
and are looking for ways of com- 
bining the two approaches. In 
the past few years software 
package suppliers and service 
companies that write custom- 
built software have started to 
move closer together. 

As a result a new approach to 
software development has 
emerged. It attempts to combine 
the advantages of the package 
with the advantages of custom- 
built software. 

Package suppliers now offer 
high-level programming lan- 
guages and methods, linked to 
their packages,- which can be 


Key questions for users when 
building or buying software 

Application often 
dictates choice 



TIm software tn this "Director'* aftr traffic control simulator rims on a 
Motorola 68020 processor. Director Is a Stamford Sc icon product 
for training air traffic controllers from ad over the world. The 
processor's power enables the system to simulate reaHstteafly 
almost any air traffic control situation. 


used to add new functions to the 
package and gear it to a specific 
customer. 

At the same time, software 
service companies build custom 
systems from small -component 
programs or a “ kernel " which 
are brought together with new 
programs to produce the final 
system. 

All major software service 
companies have adopted the 
kernel approach to building 
customer systems. Mr Ray Waite 
of the software company Scicon, 
a BP subsidiary, says that the 
approach brings both technical 
and production advantages. Sci- 
con specialises in large-scale 
systems in specific market 
sectors. 

. “ We believe that a software 
company must be application 


oriented not technology 
oriented,” says Mr Waite. 

“We have concentrated on the 
oil sector, manufacturing and 
finance as well as government 
contracts and have evolved our 
kernel systems approach in 
these areas," he adds. 

The essence of Scicon’s 
approach is that it “re-uses” 
components which are common 
to an industry and combines 
them to give the customer a uni- 
que system. It also allows Sci- 
con to offer custom-built soft- 
ware at a lower price and a 
shorter time scale when com- 
pared with a system which is 
completely custom built 

Mr Waite sees the kernel 
approach as better than a 
straightforward package 
because it is more flexible. He 


notes; " A package cannot stand 
stilL It must be continually 
growing to keep up with the 
application. The kernel-plus- 
tools approach allows for this.” 
Scicon, in common with many 
other custom software builders, 
also sells packages and Waite 
says that 30 per cent of Scicon's 
income came from this source 
last year. 

Logics, one of Scicons- chief 
rivals in the UK, has also 
adopted the “ kernel-plus- 
tools H approach to custom-built 
systems. Mr Richard Berg, Logi- 
cal director of corporate 

development, says: 

“ We have evolved kernels for 
most of the market sectors we 
work in and hope that by 

E ositioning ourselves in 
etween pure package selling 
and pure custom-building we 
can produce the ultimate in cus- 
tom software.” 

Mr Berg goes on to say that 
kernel software tends to cover 
the “ most difficult ” parts of a 
system, providing an added pro- 
ductivity bonus. The areas 
where custom building is 
needed tend to be on the out- 
side of the systems covering 
such things as screen designs 
and report layouts. 

‘‘ Bulldog custom software for 
this part of a system is much 
lower risk and is also the area 
where the customer can gain the 
best competitive edge," 
explains Mr Berg. 

Package suppliers like Cin- 
com and Cullinet have adopted 
the package-plus-language 
approach. Both of these com- 
panies have built their reputa- 
tion on supplying database man- 
agement packages which may be 
used as the central part of an 
application. 

They have evolved so-called 
“ fourth-generation ” languages 
(Cincom's is called Mantis and 
Culllnef s is called ADS) to 
.allow applications to be built 
around the central database. 

At the other end of the mar- 
ket, Asbton-Tate has evolved a 
similar scheme with its Base 
range of database products. 

The problem of choosing 
between buying or building soft- 
ware or adopting a cross 
between the two is summed np 
by Nick Blakeney-Ed wards, 
director of Hoskyns Group's 
consultancy division. 

“There is no single correct 
answer in deciding whether to 
build or buy software," he says. 
“In making the decision, it is 
important to consider a number 
of aspects: Does it work? Does it 
have the right functions? Is it 
available quickly at a reason- 
able price? And can it co-exist 
with other systems?” 

Philip Manchester 


Graphics packages 


More help for decision-makers 


Market share of packaged software 


Real growth rates for computing services 


50 Percent 


20 Facer* 


Forecasts 


US 



10 


W-Germany 





». 








o T n ■ 



■ 


■■ Q t , 






1981 

Sam-. IOC 

82 

83 


84 

85 1985 

Sana: IDC/CSL 

87 

89 

91 

93 

95 




Japans Technology thrust knows no bounds. The R & D and initiatives of more than 6000 
Japanese Software Houses - fueled by massive, co-ordinated investment - steady, 
threaten penetration of- key world markets and product sectors, leaving behind the 
conpfacert and the iratformed. But such burgeor^devBiopmefilsaimote enormous 
commercial opportunities for the alert. 

JapaneseSdtwareAiertpresar^amofrtf^updatedsoftwareciavttopmentsinJsqian- 
vftal to those who hope to stay in the race It also indicates the emerging opportunities 
open to those prepared to grasp them, ft is complied from the perceptive reports of 
spedafist contributors throughout Japan'S industrial, commardai and academic sectors. 
To obtan Japanese Software Alert's unique insight the threats and opportunities 
which abound, write or 'phone today for your speoman copy. 

Vdpoint House, M3kxd Estate, ToBgate Road, 

Jt mloserv saus 8 uby.uk, swzjg Tet 0723334407 


Revenues and earnings compared 


• Average of the top ten companies in computing services In various 
countries: 

West 

1985 Germany UK France US Japan 


Average worid-wMe revenues 


$42m S83m S130m S 1,145m £112m 


Average overseas earnings $ll)m 

Overseas earnings as % of revenues 24% 


S46m $53m S362m n/a 

55% 41% 31% <10% 


Average domestic revenues 
Domestic revenue 
as % of home market 


S32m S37ra S77m S7S3m n/a 

16% 14% 23% 26% nfc 


Average growth rates (1982-1985) 

— induding hardware manufacturera 15% 

— exdorBng hardware manufacturers 15% 


18.5% 5.8% 19.5% n/a 

16.3% 6.0% 10.3% <20% 


Sourer tnamadowl Beg Corporation and town and Lytonwd Associates. 


MAKING TECHNOLOGY WORK 


The Columbus space station will provide an 
Infrastructure In orbit for Europe throughout the 
first quarter of the 2 1 st century. As the programme 
enters the definition stage. Logical role has been 
expanded to lead a consortium of European 
companies to define the onboardsystem and . 
mission management software, the ground based 
mission preparation software and the software 
technology support 



ICgjGCI 


Projects designed tor the future demand a knowledge of 
me latest advances in technology But more important 
than knowing the technologies is knowing how to use 
them. And where. And when. 

Loglcas international reputation Is founded on me 
application of innovation, experience and technology For 
18 years we have been using state-of-the-art expertise to 
solve problems for clients. 

In ten market sectors and fifty countries, we are 
applying knowledge and experience of advanced 
computing and communications technologies, of 
knowledge based systems, of human computer interaction 
and of software and systems design and engineering to 
deliver solutions. 

In the past year alone we have delivered sophisticated 
systems tor integrated water management, interactive video 
and International trading. Solutions for trartsportai^ 
the defence industry, banks ana manufacturers. 

Log lea. Making technology work. 


Logica pic 
64 Newman Street 
London W1A4SE 
"telephone: +44 1 637 9111 
"telex: 27200 


IBM must have a lot of respect 
for Apple. First it followed 
Apple into the personal compu- 
ter market, now it is following it 
into the graphics market 

The original IBM Personal 
Computer provided only 
rudimentary graphics facilities. 
The screen was to be used pri- 
marily for displaying text. 
Sophisticated graphics was 
regarded as something of a gim- 
mick at that level. 

The famous Lotus 1-2-3 inte- 
grated spreadsheet/graphics 
package changed all that The 
PC- DOS operating system, writ- 
ten by Microsoft under commis- 
sion from IBM, made no provi- 
sion for graphics. 

Lotus’s designer got around 
the IBM PC’s graphics con- 
straints by tinkering around 
inside the machine's hard- 
ware — by making direct calls to 
the basic input/output system 
(bios), a relatively small piece of 
proprietary IBM software 
implemented in read-only mem- 
ory (Rom). 

Furthermore, an additional 
hardware circuit card had to be 
slotted into the machine to pro- 
vide better screen graphics 
resolution. 

This did not please IBM 
because, although it launched 
the PC as an " open ” system in 
order for it to become an indus- 
try standard, it meant that other 
PC manufacturers had to repli- 
cate the Rom Bios to run Lotus, 
which had by then become a 
basic benchmark for“ IBM com- 
patibility." 

IBM could not afford to let all 
and sundry mate illicit copies 
of its Rom Bios software, and 
some manufacturers felt the 
weight of IBM's corporate legal 
might But at the same time IBM 
did not want to make it look like 
it wanted to hog the PC market 
to itself! 

• IBM's newly-launched Perso- 
nal System 2 now bandies high 
resolution graphics directly 
from its operating system, 0S2, 
apart from the Model 30 at the 
bottom of the range. There are 
no more bits of software hidden 
in Rom and no need for sepa- 
rate graphics hardware cards. 

The hardware used for PS2’s 
graphics is a modified version 
of the Inmos Transpater, called 
the Video Graphics Array, with 
a colour lookup table suppor- 
ting up to 16 colours on a palette 
of about 250.000 colours. 

“Apple gave IBM a shock with 
the success of its Macintosh 
personal computer,” says Mr 
Uavid Fraset;, managing dire- 
ctor of Microsoft UK. “The Mac 
has superior graphics to the 


Original IBM PC but needs no 
additional hardware. 

"IBM will be making its own 
software extensions to the OS2 
operating system for mainframe 
Co muni cation— this is the 

proprietary bit it wants to itself 
for slot-in hardware cards, not 
graphics.” 

The use of graphics, and more 
specifically “windowing" com- 
bined with communications 
facilities, can allow multiple 
sessions to be set up with diffe- 
rent host mainframe computers. 

Such sessions may be brought 
up on the screen as “dialogue 
boxes" and put away again with- 
out interrupting them as they 
may continue to run in the back- 
ground without having to be dis- 
played on the screen. 

IBM has already experi- 
mented at this level with its own 
Top View windowing software 
product, but OS2 will be more 
attuned to this type of environ- 
ment Such a system can be use- 
fill in com muni cations- inten- 
sive applications like financial 
trading. 

ADP for example, uses a Top 
View-compatible software pack- 
age on PCs for its Marketpuise 
system to produce composite 
screens of information on secur- 
ities prices from slock markets 
in New York and London, and 
from a number of online 
information sources and news- 
wires. 

However, the communications 
to outside computers is passed 
through an IBM Series 1 mini- 
computer. and this can be 
expensive if there are only a few 
PCs connected to it. 

There will not be a critical 
mass of OC2 applications until 
the first half of 1989, according 
to Mr Paul Bailey, senior vice 
president for Digital Research's 
European operations. 

DR supplies applications 
based around Its Graphics 
Environment Manager (Gem) 
range for the PCIDOS operating 
System— “manufacturers and 

software developers, including 
oarselves. are unlikely to get 
their software toolkits until 
1988," he says. 

“Even then, some may want to 
rush in in advance of the rest, 
but they will not constitute the 
bulk of the market PCIDOS 
graphics software applications 
still have some life ahead of 
them, probably to the end of the 
decade." 

According to the market 
research consultants. Frost & 
Sullivan, the European market 
for graphics software, worth 
S480m in 1985. will increase by 
an average of 36 per cent a year 



Ian MeNaught Davis of 
Comshare: “the need Is for high 
quality graphics — fast." 

to $2,680ni in 1990, $+60 m of 
which will be in business 
graphics. 

The business graphics market 
is differentiated between 
investigative graphics and pre- 
sentation graphics. 

The former is used as a 
research tool to organise data in 
such a way as to highlight useful 
relationships, trends or ideas, 
and as an aid to decision making 
and “what-if" analysis. 


employing line, bar and pie 
charts. The emphasis here is on 
ease of use and data manipula- 
tion. 

The purpose of presentation 
graphics on the other hand, is to 
inform or persuade using com- 
puter generated material where 
quality and clarity are para- 
mount. 

.This includes charting and 
illustration systems, painting 
.systems, image editing and 
animation in a simitar manner 
to that used in advertising. 

“Our experience in selling 
mainframe financial modelling 
software packages taught us 
that managers responded better 
to information presented in 
graphics form,” says Ian 
MeNaught Davis, managing 
director of Comshare UK. 

" We have been working on a 
future product called Executive 
Information System (E1S> and 
we have found the quality of 
graphics on PCs to be very 
inferior to that of games compu- 
ters. You need high quality 
graphics that does not look like 
it comes from a computer. 

*' It also needs to be fast. Five 
seconds is just about acceptable 
for a screen image. Any slower 
and it feels sluggish. If it is slow, 
you feel you are waiting for the 
machine. If it is fast, you get the 
impression of being pushed and 
therefore you work faster.” 

Boris Sedacca 



Low-cost 

software 


Charles Hamilton of Migent (UK): 
plans for French and German 
versions of the Ability Plus 
package for the corporate 
market 


IN THE on-going arguments 
over software package prices 
and performance. Charles 
Hamilton, managing director of 
Migent (UK), comments: “The 
high-cost profiteers in software 
are on the run ns we. and other 
companies, cut prices on 
software to the bone — but add 
the muscle of high 
functionality." 

Migent. which has introduced 
its £99 multifunction integrated 
software package called Ability 
for what is claimed to be one- 
fifth the price of its nearest 
competitor, argues that 
"certain software prices have 
been unnecessarily inflated for 
years." 


SELECT SUCCESS 

SELECT CUIUN 



ANNOUNCING A BREAKTHROUGH IN BUSINESS SOFTWARE 

CULUNET 3X3 ARCHITECTURE 


As a result of the most intensive research 
and development programmes in its 
history, Cullinet is now able to announce 
a breakthrough in business software, the 
first since database management fust 
revolutionised business efficiency 3X3. 
Architecture - the name Cullinet have 
given to this new strategy - is the 
first step into a new era in software 
technology 

By listening to our customers, we have 
been able to develop a comprehensive 
strategy that answers business needs. 
Customer research showed an imme- 
diate and urgent need for greater 
integration between systems at aD hard- 
ware levels and for systems that are 
flexible and easy to use. 

We behove that CuOinet's 3x3 strategy 
answers aD these needs. 

SOFTWARE THAT WORKS FOR YOU 
Unlike previous software, 3X3 has 
growth and flexibility built in. You decide 
how to run your system not your hard- 
ware vendor 3X3 will actually help you 
achieve the system you want and find the 
most efficient way of using your database 
capacity 3X3 is designed to respond to 
your exact needs - by intelligent 
dialogue, users at every levd can create 
their ideal system. 

TALKING TO EVERY SYSTEM 
3X3 Architecture is the first software 
strategy that can fully integrate IBM and 
VAX systems. In bet 3X3 has been 
designed to talk to hardware at every 
level - Mainframes. Departmental and 
Personal Computers. Cullinet have 
achieved this using and developing SQL 
the industry standard language. This is 
quite probably the most important break- 
through ever in terms of compatibility. 


THE NEW ERA IN 
SOFTWARE DESIGNED 
TO SUCCEED 

3x3 Architecture is a completely new 
concept in software, the first strategy that 
is genuinely capable of responding to 
individual and corporate needs. For 
Corporate Departmental and Personal 
Computers, 3x3 provides: 

■ A Commitment to Open Systems 
Architecture at every hardware level. 

■ Full support for SQL, the industry 
standard language. 

■ A wide range of applications 
packages. 

■ A flexible and easy to use develop- 
ment environment. 

■ Expert systems i n tegr ate d with 
commerdal applications. 

3x3 provides a comprehensive software 
strategy that will open up processing 
capacity and free databases for wider and 
more intelligent use This is no idle boast. 
The new generation of software will 
revolutionise the way computers are 
used. And Cullinet is leading the way 
BUILT-IN EXPERTISE 
Exp ert systems have been one of the 
greatest advances in com p uter tech- 
nology over recent wars. Ex p ert systems 
capitalise on the specialist knowledge in 
your comp any: making it available to 
everyone via easy-to-use systems, ll also 
has the advantage of freeing s p ecialists 
from mundane and repetitive consulta- 
tive work. 

Cullinet have taken expert s y stems a 
dramatic stage further intepratine them 
with existing commercial a p plications. 
This help s v ou to build ap p lications that 
give vou a real competitive advantage. 


TALKING TO YOU 

Because this new generation of software 
is designed to interact with the user at 
every level, ease of use is a priority. The 
tods within 3>.‘3 have flexible and easy to 
understand user interfaces. At every 
level of hardware the user can design a 
system to match exact needs - simply 
quickly and efficiently. The user can talk 
to the system in jargon-free language. 
Cullinet have ensured that there are no 
language barriers to the creation of a 
system that works for you. 

SELECT SUCCESS FOR THE FUTURE 
Cullinet strategy provides l he confidence 
that you need to move into the future. 
Continuing development means that 
soon we will have the complete solution 
to business computing needs, a unique 
integration of database management 
applications and development tods at 
every level. Return the coupon below and 
find out how Cullinet could be working 
for vour business. 


Cullinet 


YESTERDAY YOUK 
BUSINESS FITTED THE 
TECHNOLOGY TODAY THE 
TECHNOLOGY FITS YOUR 
BUSINESS. 


Cullinet Software Ltd. CuDinet House 
Elsirre Was. Borehamw ood. Hurts IVD" 1LD. 
Tift ni-3T 2727 


Name. 


Position. 


Q Please send me more inform ati on on 
CullHwtfc 3V3 Architecture. 

f~] please keep me informed on future 
develop m en t s. 

| | Please arrange for me to attend a Cullinet 
briefing on expert systems. 

|~ | Pleat* contact me/mv secretary to arrange a 
no-obligation meeting, 


Company., 

Address— 


.Postcode. 


lit. 


Send ter Maria Lane. Cullinet Software Ltd . 
CuUinet Hnustt Bstree IVtj: Bw-hamtsood 
Herts WPfrlLD. 

Or tall Peter Sedgwick now on 01-2fl7 2727. 


FTS87 







34 



Notice of Annual General Meeting 

Notice is hereby given that the Annual General Meeting or the Members of the Company 

will be held on the top floor, Connaught Centre, Connaught Road Central. Hong Kong on 

Thursday, 4th June, 1987 at noon for the following purposes: 

1 To receive and consider the Statement of Accounts and the Reports of the Directors 

and Auditors for the year ended 31st December. 1986. 

2 To declare a final dividend. 

3 To re-elect Directors and approve an increase in their remuneration. 

4 To re-appoint the Auditors and authorise the Directors to fix their remuneration. 

5 To consider and. if thought Tit, adopt with or without amendments, die following 

Ordinary Resolution: 

That: 

(a) The exercise by the Directors during the Relevant Period of all powers of the 
Company to allot shares and to make and grant offers, agreements and options 
which would or might require shares to be aKoied be and is hereby generally and 
unconditionally approved; 

(b> The approval in paragraph (a) shall authorise the Directors during the Relevant 
Period to make and grant offers, agreements and options which would or might 
require shares ro be allotted after the end of the Relevant Period; 

(c) The aggregate nominal amount of share capital allotted or agreed conditionally or 
unconditionally to be allotted (whether pursuant to an option or otherwise) by the 
Directors pursuant to the approval m paragraph (a), otherwise than pursuant to 
shares issued as a result of the scrip dividend, the proposed bonus issue of 
ordinary shares, conversions of the Mathesons Investments Ltd EB. 500,000 TY*¥o 
Convertible Unsecured Loan Stock 1 987/92 and on the exercise of warrants issued 
by Jardine Ma theson (Finance) Ltd, or a High is Issue, shall not exceed 1 0% of the 
aggregate nominal amount of the issued share capital of the Company as enlarged 
by the issue of shares pursuant to the proposed bonus issue of ordinary shares, 
and the said approval shall be limited accordingly; end 

(d) For the purposes of this Resolution; 

"Relevant Period" means the period from the passing of this Resolution until 
whichever is the earlier of: 

(i) the conclusion of the next annual general meeting of the Company; and 
pi) the expiration of the period within which the nextannual general meeting of the 
Company is required by law to be held; 

"Rights Issue" means an offerof shares open for a period fixed by the Directors to 
holders of shares on the register on a fixed record date in proportion to their then 
holdings of such shares (subject to such exclusions or other arrangements as the 
Di rectors may deem necessary or expedient in relation to fractional entitlements or 
legal or practical problems under the laws of. or the requirements of any recognised 

regulatory body or any stock exchange in. any territory including, wilhou t limitation, 
arrangements relating to the disposal of shares which, by reason of such 
exclusions or arrangements, are not allotted to the shareholders who would 
otherwise have been entitled thereto). 

By Order of the Board 

R. C. Kwok 

Company Secretary 

Hong Kong, 8th May, 1987 


NOTES: 

1 A Member entitled toaKendandvoteisentitiedloappointa proxy or proxies to attend and. 
on 3 poll vote instead of him; a proxy need not also be a Member of the Company. 
Completion and return of the proxy will not preclude a Member from attending and voting in 
person. 

2. Concerning Item 3 above, it is proposed that the nonexecutive Directors fees, which have 
not been reviewed since 1 980. be increased from HKS30.000 to HKS50.000 each per annum 
with eff6« from 1st January. 1987. 

3 Concerning Item 5 above, the Directors wish to state they have no immediate plans to issue 
arty new shares in the Company with the exception of the scrip dividend, the proposed bonus 
issue of shares, shares issued pu rsuant to the Senior Executive Share Incentive Scheme 
approved at the Annual General Meeting held on 5lh June, 1 988 and, on the conversion of 
the Mathesons investments Ltd loan stock end on the exercise of the Jardine Matheson 
(Finance) Ltd warrants. 

4 The final dividend will be payable on 12th June. 1987 to those shareholders on the register on 
5th May. 1987. 


Jardine Matheson Holdings Limited 

(Incorporated in Bermuda with limited liability) 





Notice of Special General Meeting 

Notice is hereby given that a Special General Meeting of the Members of the Company 
will be held on the tap floor. Connaught Centre. Connaught Road Central. Hong Kong on 
Thursday. 4th June, 1 987 at12.10p.rn.orso soon as the Annual General Meeting of the 
Companyconvenedforthesame day andplaceshall have been concluded or adjou med, 
for the purpose of considering and, if thought tit, passing with or without amendments, 
the following Ordinary Resolutions: 

1 That the authorised Hong Kong dollar denominated share capital of the Company be 
and is hereby in aeased to H KS2.000.000. 000 by the crea lion of 400,000.000 ordinary 
shares of HKS2.00 each. 

2 That the Directors be hereby authorised to capitalise the sum of HKS336.326.818 
being the balance of the amountstanding to the credit of share premium account and 
part of the amount standing to the credit of contributed surplus account of the 
Company, by appropriating such sum to the holders of ordinary shares on the Register 
of Members on 5th May. 1 987 in proportion to their then holdings of ordinary shares 
and applying such sum on their behalf in paying up in fuH unissued ordinary shares of 
the Company of a nominal amount equal to such sum. for allotment and distribution 
credited as f ully paid up to and amongst them as bonus shares in the proportion of two 
such ordinary shares for every five ordinary shares held on that dare and so that such 
ordinary shares (save Tor any dividend declared pnor hereto) rank pari passu with die 
existing issued ordinary share capital of the Company. The Directors may do all acts 
and things considered necessary or expedient to give effect to any such capitalisation, 
with full power to ihe Directors to make such provisions as they think fit for any 
fractional entitlements which would arise on the basis aforesaid (including provisions 
whereby fractional entitlements are disregarded or the benefit thereof accrues to the 
Company rather than to the Members concerned). The Directors may authorise any 
person to enter on behalf of all Members interested into an agreement with the 
Company providing for any such capitalisation and matters mridenial thereto and any 
agreement made pursuant to such authority shall be affective and binding on all 
concerned. 

By Order of the Board 
R. C. Kwok 
Company Secretary 

Hong Kong. 8lh May, 1987 
NOTES: 

1 It is proposed to increase the authorised share capital in order to preservo the proportion 
av aOobie for issue bv the Directors, tolkwring the bonus issue and purs'iant to the Directors' 
manda le to allot shares to be renewed at the Annual General Meeting on 4th June, 7 937. 

2 A Member entitled to attend and vote is emitted ro appoint a proxy to attend and. on a poll 
vote instead of him: a proxy need not also be a Member or the Company. Completion and 
return of the proxy will not preclude a Member from attending and voting in person. 

3 The bonus issue share certificate wiB be despatched on 1 2lh June, 1 987 to those 
shareholders on the register on 5th May, 1987. 


Wli/f 

Jardine Matheson Holdings Limited 

(Incorporated in Bermuda with limited liability) 



WORLD'S LEADING 
INVESTMENT LETTER 
— in its 23rd year — 
Winner of more awards than ell 
other newsletters combined 
Lifetime subsc finnans: 

52.000 f £1.500) 

(1 yurt 5265 Trial: 550 £37) 

INTERNATIONAL 
HARRY SCHULTZ LETTER 

Highest paid 5 advisor — 
Guinness Book 
FERC. PO Box 622. CH10D1 
Lausanne, Switzerland 
—A freedom lighter letter— 


WEEKEND FT 

For information on advertising 
on the BOOKS PAGE 
CONTACT SUE MATH1E50N on 
01-489 0033 


Financial Times Monday May II 1987 


CONSTRUCTION CONTRACTS 


New Hong Kong building for 
Standard Chartered Bank 


Standard Chartered Bank has 
awarded the contract for the 

redevelopment of the bank's 
building at Ma Ses Voeux Road 
Central In H oag K ong to the 
GAMMON - NI5HEHATSU joint 
venture. The superstructure is 
valued at about HKS375ra (over 
£3Qm). 

Gammon-Nishimatsu joint ven- 
ture is the contractor for the 
substructure works currently 
being carried out on site which 
are expected to be completed by 
October 1987. 


The new 191 metres high 40- 
sterey office tower totals about 
250,000 sq ft net usoable area 
and includes two floors of retail 
shopping outlets at street level 
and walkways to adjacent build- 
ings. Completion of the scheme 
and occupation by Standard 
Chartered Bank Is expected In 
early 1990. 

The terms of the contract 
include contractor finance 
arrangements for 25 years dur- 
ing which period G amm nn-TJ fathi. 
matsu will lease the site while 


Self-catering hotel in Darwin 


A £4m (AS9.1m) contract to con- 
struct an hotel in Darwin, in the 
Northern Territory of Australia, 
has been awarded to TEAM- 
WORK CONSTRUCTIONS PTY, 
Australian subsidiary of Taylor 
Woodrow. The six-storey hotel 
will have a floor area of 8,500 
sq metres and each of the 140 
suites will have self-catering faci- 
lities for hotel guests as an alter- 
native to the house restaurant 


facilities. The budding will be 
constructed In reinforced con- 
crete and structural blockwork, 
and features a heavily-landscaped 
central glazed atrium void to 
suit the tropical Darwin environ- 
ment. The client is Esplanade 
Hotels Pty, a joint venture of 
Perth-based Resort Investment 
and Management, and the 
Adelaide-based developer Trikon 
Corporation. 


Improving Deptford flats 


R. MANSELL has been awarded 
a variety of contracts totalling 
over £12m for refurbishment, re- 
pair, new build, maintenance 
and minor works. The largest is 
a package Improvement project 
worth £7.4m aver two years for 
the London Borough of 
Lewisham involving work at 
various blocks of flats In Dept- 
ford. The scheme includes 

installation of central beating, 

modernisation of kitchen and 
bathroom and redecoration. 

A £1.3m refurbishment of four 
four-storey and four eight-storey 
blocks of flats at John Aird 
(V^urU Hawley Place, W2, for 
the City of Westminster, in- 
volves repairs to parapet and 
balcony walls, brickwork and 


concrete repairs, replacement of 
windows, rain wateipipe over- 
haul and decorations. 

Construction worth nearly Elm 
of IS one-bedroom and 16 two- 
bedroom flats in three blocks for 
CDS Co-operative Housing 
Society at Surrey Quays, Baltic/ 
Albion Bond, Roth erhJ the, SE16, 
has started for completion in 
July, 1988. For Look Ahead 
(Beacon Hostels) at 1-11 Dean- 
cross Street, El, £950,000 the 
company Is carrying out demo- 
lition and rebuilding of an old 
age pensioners’ home. The re- 
tained front elevation will be 
supported with raking shores 
while a new three-storey resi- 
dential centre will be built 


Standard Chartered Bank will 
occupy the completed building, 
less the retail shopping facilities. 
At the end of this period, the 
site and building will revert in 
total to the bank. 

The bank says this arrangement 
ensures Standard Chartered’s 
continued occupation of 44a Des 
Voeux Road Central and demon- 
strates both Gammon - Nishi- 
matsu’s and Standard Chartered 
Banks continued commitment to 
Hong Kong, well into the next 
century. 

Willmott 
wins housing 
development 

JOHN WILLMOTT HOUSING, a 
subsidiary of the John Willmott 
Building Group, has. been 
awarded a contract worth In 
the region of £3 .2m by the 
Declan Kelly Group for the con- 
struction of 134 flats and 04 
houses at Cowley, Middlesex. 
A. EL Symes, another subsidiary, 
has been awarded a contract 
worth about £lJ25m by Glayform 
Properties to build offices and 
flats at St John's Square, ECL 
John W illm ott/Cambrid ge has 
been awarded a contract worth 
about £L5m by Spicers at 
Sawston, Cambridge, for an 
extension to the central distri- 
bution warehouse. 


Houses and 
flats in 
North W est 

ROWUNSON <X)NSTRUC; 
MOWS, Poyntofl, Cheshire, has 
won contracts worth about u,&m 
to build and repair homes in 
Manchester, Salford and Stock- 
port. The company is working 
on phase 1, and has started 
phase 2 of a Manchester City 
Council housing sc&emeat 
Wythenshawe Road, '"fthen- 

shawe. Phase L worth ElJHn^ 
is to build 44 one-bed and 18 
two-bed flats, and four house* 
in a terrace, under a 15-montn 
contract that also includes roads, 
sewers and siteworks. Under the 
£L.98m phase 2 contract at 
Wythenshawe, Rowlinson is 
building 55 houses m traditional 
construction, 38 with three bed- 
rooms &nd Bic rest with two. 
The 85-week project, again m- 
eluding sitework, started in 
April. The company Is about to 
start a year-long scheme to build 
52 two- and three-bed flats In 
two-storey blocks at Maple Road, 
Brooklands. The £1.26m contract 
is also for the City of Manchester. 

In Salford, Rowlinson is build- 
ing 24 old people's flats in a 
two-storey block at Wellington 
Street East for the Portico Hous- 
ing Association (£583.000). 

For Stockport Council. Rowlin* 
son Is carrying out a six-month 
“envelope” scheme to improve 
33 houses in Mill Lane, Red- 
dish, under a £178.000 contract 
that includes repairs to roofs, 
windows and brickwork, and 
redecox ation. 



SOLIHULI. 
BRACK'S I L L 


Morrisons 

Blackburn 

superstore 

A £9m contract to build a 
Morrisons superstore in Black- 
burn, Lancashire, has becu 
awarded to TAYLOR WOODROW 
CONSTRUCTION (NORTHERN), 
Darlington. Work on the site 
in the town's high street has 
started and is due for comple- 
tion in May, 39S8. The pro- 
ject involves a 300,000 sq ft 
superstire, with a three-storey 
car park with space for 700 
vehicles and a petrol station. 
The superstore will have bored 
pile foundations with reinforced 
concrete caps, a concrete ground 
floor slab and a steel frame. The 
cladding will be brickwork with 
ornamental plinths, piers and 
bands. The roof will be a com- 
bination of natural slate, clay 
tiles to the mansard areas, and 
metal decking. The contract 
includes interna] finishes and 
services, such as lifts, travela- 
tors, heating, ventilation and 
refrigeration equipment 


Basildon civic centre 


WIMPEY CONSTRUCTION 
MANAGEMENT has won a £13 m 
contract for civil development 
from Basildon District Connell. 
This order is for the Basildon 
Centre which will, be linked 
through a reception hall to the 
new Town gate Theatre, which is 
now taking shape under the 
council's earlier contract with 
Wimpey, and is due to open in 

1988. Service links will integrate 
control, security and computer 
systems between the two. 

The Basildon Centre will in- 
clude an underground car park, 
a computer suite, library and 
meeting rooms at first, ground 
and basement levels; upper 
floors will bouse the civic offices. 
The piled foundations will sup- 
port a concrete frame with 
external elevations finished in 
brickwork, and atria will pro- 
vide natural light for the offices. 
The project has started and is 
due for completion in spring 

1989. 

A £6-9m contract has been 
awarded to Wimpey by London 
Docklands Development Corpora- 
tion for phase six of the Dock- 
lands Enterprise Zone Road, Isle 
of Dogs. The contract covers 
1.6 km of dual and single flexible 
carriageway, between Poplar to 
East India Docks, with round- 
abouts, and three pedestrian 
underpasses. One roundabout 
containing three underpasses, 
will be Preston Road and the 
second at the East India Dock 
end. Included in the 21-month 
contract, due for completion in 
December 1988, is demolition 
work, deep drainage, services, 
diversions, dredging and filling 
of (tds;'>ng docks, together with 
the erection of retaining walls, 
up to 5 metres high. 


Work totalling more than £4m 
for public sector housing has 
been awarded. Orders include 
a contract awarded by Notting- 
ham City Council, valued at 
£L23m, for 47 homes in Percy 
Street. Nottingham, to he built 
by December. In traditional 
brick/block on strip foundations, 
the development will comprise 
three twoetorey houses, eight 
bungalows, and 36 flats in two 
two-storey buildings with a com- 
munal room. 

Warwick District Council has 
awarded Wimpey a £L5m con- 
tract for 56 homes la Found 
Lane, Lillingdon, near . Learning- 
ton Spa. Work has started on 
the development in traditional 
brick/block construction com- 
prising 30 two-bedroom houses; 
10 three-bedroom houses; 10 
two- and two one-bedroom 
bungalows; and four two- 
bedroom flats. The contract is 
scheduled for completion in 
ibrr. 


This advertisement js issued in compliance with the requirements of the Council of 
The Stock Exchange, ft does not constitute, an offer or an. invitation to the public to 
subscribe for or purchase any securities. 


"INVESTING IN SUCCESS" EQUITIES Pic 

(Registered in England number 634615) 

Issue of 6,120,000 Warrants to subscribe for ordinare shares of 
25p each in "Investing in Success" Equities Pic 

Each Warrant entitles the holder to subscribe at any time from 1st February, 1988 
up to 30th April, 1 992 (both dates inclusive) for one ordinary sh are of 25p at a price 
of 212p. The Warrants have been admitted to the Official List of The Stock 
Exchange. Dealings will commence on 11th May, 1987. 

Particulars of the Warrants are available In the statistical services of Extel 
Statistical Services Limited. Copies of the Listing Particulars relating to the 
Warrants may be obtained during normal business hours from the Company 
Announcements Office of the Quotations Department (for collection only) up to 
and including 13th May, 1987 or during normal business hours on any weekday 
(Saturdays excepted) up to and including 25th May, 1987 from: 


"Investing hi Success" Equities Pic 

20 CopthallAvaniie 

London 

EC2R7PA 


Hoare Govett Limited 
4Broadgate 
London 
EC2M7LE 


11th May, 1987 


This advertisement complies with the requirements of The International Stock Exchange 
of the United Kingdom and Republic of Ireland limited. 


NOT ICE O F ADJUSTED 
CONVERSION PRICE 

lb AH Holders as of M«j 22. 1967 of 
ConrarUbfa Snbardbnrtad 
ItebeBtnrei due 2001 of 

Alex. Brown Incorporated 

(the “Coenpony”) 

Purtinurt to Section I20G of the Indenture of 
Alex. Brown Incorporated to Bankers Hunt 
Company, as Trustee, dated June 12. 1966. 
rekliiw to the Company's SK% Convertible 
Subordinated Debentures due 2001 (Uw 
'‘Debentures*), ibe Company hereby gWsa 
notice that the Conversion Price of the 
Debentures under the Indenture has been 
adjusted in accordance with Section 2204 of 
the Indenture to account far a 3-for-2 stock 
split in the form of a stock dividend, on the 
Cmmaa Stock af the Company to stockholders 
el record May 22. 1387. a nd that, effective 
May 28. 1987, the Conversion Priee under the 
Indenture ibaU be $26 JUS. 

Ales. Brown Incorporated 
Dated: May U. 1987 


Blue Circle Industries PLC 

(Incorporated, with limited liability in England) 

£60,000,000 

6% per cent Subordinated Convertible Bonds 2002 
convertible into ordinary shares 

Baring Brothers & Co* limited ♦ Swiss Bank Corporation International Limited 


Algemene Bank Nederland N.V 
Banque Nationale de Baris 
County N atWest Capital Markets Limited 
Kidder, Beabody Securities Limited 
Nomura International Limited 
Shearson Lehman Brothers International In c. 
Westdeutsche Lande shank Girozentrale 


Banque Bruxelles Lambert SLA. 
Commerzbank Aktiengesellschaft 
Credit Suisse Pirst Boston Limited 
Morgan Guaranty Ltd. 

Security Pacific Hoare Govett Limited 
Sumitomo Finance International 
Union Bank of Switzerland (Securities) 


The issue price of die Bonds is 300 per cent, of their principal amount. Application has been made to die council of The Stock 
Exchange for the Bonds to be admitted to the Official list 

Interest is payable a nnu all y in arrears on 2 0 th May, the first such payment bong due on 20th May, 1988. 

Pamodars relating to die Bonds and the Issuer are available in die Extel Statistical Service. Copie* of the Listing Particulars mav 
duimg j 1Sual business hours up to and including u th May, 1987 fcomthe Company AnimtmceSttOflSofThe 
Stock E x c h a n ge and up to and m d n d mg 25 th May, 1987 from; '-nnceorine 


notice to warrantholdeks 

YAOHaN department store co„ ltd 

US WJ 8(1, 000 

3 '/A GUARANTEED BONDS DUE 1991 

WITH WARRANTS 

Puruui ro CbuK 3 and 4 et ihe immanent 

dated 26tb No* ember, 19 Bfi.nodceb hereby 

pven io juu (u foOows 

1) The Board of Dlrecton of Gotten 
Department Store Co, Ltd. (the 
“CoopitTv') 31 ta meenog Odd on 2nd 
Aped, IW resolved Hut the Company 
shall mile a free dhoribulioa of shares gf 
Us Gmnan Slock od 2I« June. 1987, 
Japan ume, to the sturehaUera of the 
Corepanv leghterod oa ns renter of 
sturehnUen 00012001 Mr. 198?, Jamn 
tone i the “rceoni date*), at the tattoo/ 

0.1 J dtare for red) one share owned by 
meb&hareMdfic. 

2) A: J rcutU of free dotributrcm ihc 

tofeoiptloo price In respect of the 


1.50? yen per shore. wU be reduced to 
UU40>ca per dure of the Comport 
Commoo Slack taeeeorOMitegwtthCSitit 
3. ponsnfdi y) of the Immanent. The 
acw vutaoipooc priee »fD become 
effective oa 21 k Ma* 1987 wtakh is fa 

imnedfetSy aftee the iveml 4ate, 

THE TOKA1 BANK. LIMITED 
LONDON BRANCH 
PRINCIPAL PAYING AGENT 
UtbMiy. 19S7 


Blue Circle Industries PLC Baring Brothers fit Co, Limited Hoare Govett Limited The CW Manhattan BanfeNA 
Portland House, Aldennaston fiBishopsgate 4Broadgate Wodgate House, Coleman Street 

Berkshire London London London 

RG7 4HP EC2N 4AE EC2M4LE EC2P2HD 

11th May, 1987 


Expert advice 
about money 

Visit the Scottish Money Show for fi»e 
advice on just about every aspect of 

tarings tnwsring, rw raidng 

14-16 May 1987 

Scottish Exhibition -I- 




j 

iL 

^ONLYTHE T 

: Ltd., s& i^HSgiSUlSir 0 R ^ ^jSccepted 1 hlER ^ 

^ R ° ad ‘ RicfimorK!i Surrey TW9 *NB. Lata nightopanlngi^ I 









Financial Times Monday May 11 1987 





v,y *x !f w; ;■ 

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has chosen to break new ground 


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PC. USER 


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: set Ltitie. standard 

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personal computers 

STELLA KELLY. DATA QUEST INC. 

Cr^ — T‘": ! -' v — •':'••••—„ .,«... -v ...;•■ 

doMputer memory than its 


cs predecessor 


FORTUNE MAGAZINE 


§i|^ 

DAUID FRASER, M.D. MICROSOFT UK 


a speed demon 


USA TODAY 




®C. which kicked off the secon 


afri. rmS 7 i f 



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<:? .'i ’S'V'XX : 


A MACHINE THIS FAST UAS BOUND 
TO PICK UP A FEU ENDORSEMENTS 


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FREEPOST COMPAQ, FREEPOST (BS 333}, BRISTOL BS1 4YP. TELEPHONE: 0800 444 123 COMPAQ® IS A REGISTERED TRADEMARK AND COMPAQ DESKPRO 386" IS A TRADEMARK OF COMPAQ COMPUTER LTD. IBM* IS A REGISTERED TRADEMARK OF INTERNATIONAL BUSINESS MACHINES. 














36 


FT-ACTUARIES WORLD INDICES 


Jointly compiled by the Financial Times, Goldman, Sachs & Co., and Wood Mackenzie & Co. 
Ltd., in conjunction with the Institute of Actuaries and the Faculty of Actuaries 


NATIONAL ANO 
REGIONAL MARKETS 

Figures In parentheses 
show number of stocks 
per grousing 


Australia W4) 

Austria f 16) 

Belgium (47)., 


Canada 1 131 — 

Denmark (39> 

France (1221 

West Germany (901 

Hong Kong (45) 

Ireland tl*U — 

Italy I ?b) ...... 

Japan (458) 

Malays^ 136) 

Mexico C14» 

Neiherlaml (3fl>. — 

New Zealand <Z7) 

Norway (241 - 

Singapore (27) 

Scutn Africa (61 1_ 

Spain I43i _. — 

Sweden 1331 

Switzerland (51> 

United Kingdom (3391... . 
USA 1597) ..... 


Europe (932) 

Pacific Basin (687) 

Euro-Pacif'C(1619) 

North America (7281 

World Ei. US (1825>. — 

World Ex. UK (20831 

World Ex. So. Al. 1 2361).. 
World Ex. Japan (19641 ... 


The World Index 12422). 


FRIDAY MAY 8 1987 

— 
THURSDAY MAY 7 1987 

DOLLAR INDEX 

US 

□ay's 

Pound 

Local 

Cross 

US 

Pound 

Local 



Year 

Dollar 

Change 

Sterling 

Currency 

Oiv. 

Dollar 

Sterling 

Currency 

198? 

m 

ago 

ImUex 

% 

Index 

Index 

Yield 

Index 

Index 

Index 

High 

IM 

(approx) 

136.01 

+02 

12039 

12736 

2.79 

135-69 

119.78 

12635 

13631 

99.92 

9628 

91.15 

-1.1 

8038 

8459 

223 

92.15 

8134 

85.05 

10132 

9140 

9226 

121.05 

+0.4 

10715 

U135 

428 

12033 

106.40 

11037 

12235 

9649 

82.72 


+0.7 

11533 

12636 

236 

129.62 

114.43 

125.45 

136J.7 

10030 

9930 

117.44 

+0.1 

103.95 

107.41 

136 

11734 

10338 

106-81 

12430 

98.18 

103.77 

121.26 

-05 

10733 

113.61 

2,44 

121-82 

10734 

113.61 

1213? 

9839 

95.90 

94.19 

-1J 

8337 

8738 

234 

95.42 

84.24 

88 JS 

10033 

8430 

8824 

106.96 

+0 A 

*’438 

107.06 

3.08 

106.46 

93.98 

106.66 

114.71 

9639 

7427 

127.20 

+03 

11Z58 

11933 

337 

12724 

11232 

11924 

13L44 

9930 

94.73 

10763 

— 1JL 

9531 

10332 

L60 

10833 

96.07 

103.% 

112.11 

94.76 

9933 

161.28 

+13 

142.75 

14237 

0.46 

15839 

140.26 

139.95 

16L2S 

100.00 

78.09 

153Xi5 

+03 

135.47 

145.48 

239 

15235 

134.49 

144.84 

15525 

9824 

6843 

189 68 

-3.9 

167.88 

25153 

056 

19727 

174J4 

259.69 

19727 

99.72 

5028 


+03 

104.12 

108.18 

4.12 

117.08 

10336 

107.14 

11824 

99.65 

85.94 

05.43 

+03 

e451 

88.40 

332 

94.97 

83.83 

8801 

10039 

83.*S 

7L47 

131.15 

+23 

116J33 

118.73 

233 

127.96 

112-% 

115.41 

139.79 

10030 

9737 

127.44 

+0.4 

U230 

124.65 

L90 

126.93 


124.12 

127.47 

9929 

5835 

17436 

-12 

15430 

120.20 

335 

176^7 

155-96 

120.70 

186.74 

100.00 

9336 

102.08 

-10 

91.06 

98.40 

420 

103.95 

9L77 

98.17 

12131 

100.00 

9138 

123 J 4 

-0.7 

103.99 

113.80 

2.03 

124.02 

109.48 

11434 

124.68 

90.05 

0931 

99.85 

-03 

8630 

9 LOO 

L9Q 

99.95 

8833 

90.47 

10436 

9326 

8737 

14203 

+1.9 

125 80 

125.80 

330 

139.41 

12336 

123.06 

14243 

9935 

98.78 

120.19 

-03 

10638 

120.19 

2.99 

120.75 

10630 

120.75 

124X16 

— 1 

100.00 

re«J 

99.90 

120.28 

+03 

106.46 

109.65 

2.88 

119-63 

105.60 

10835 

12028 

99.78 

9437 

15830 

+1.4 

14031 

14031 

030 

156.05 

137.76 

13824 

15830 

100.00 

7832 

143 J3 

+ 1.1 

126.68 

128.22 

137 

14132 

124.93 

126.41 

14343 

100.00 

84.65 

12074 

-0.4 

106B7 

12034 

2.% 

121.22 

10731 

12132 

124.60 

10030 

9935 

143.05 

+ 1.1 

126.61 

13028 

1.43 

14131 

124.92 

129.91 

14335 

10030 

8522 

13333 

+0.4 

118.01 

12535 

134 

132.81 

117.24 

12433 

13333 

100.00 

9022 

13335 

+0.6 

118.47 

12538 

1.96 

13322 

11731 

124.47 

13335 

100.00 

90.93 

12120 

-01 

10727 

116.84 

2-93 

12123 

107.06 

116.72 

12130 

10030 

9740 

15AJ1 



+03 

118.70 

12537 

L98 

13339 

117.75 

124.47 

13441 

10030 

90.95 


Bur values" Per 31, 1°86 = 100 

Cocyrtgta. Th « financial Tune,, Gaiaman, Sachs L Co.. Wood Mackciwie 1 Co. Lid. W 
CONSTITUENT CHANGE' Anna Group R» hem B+iewG ilinlled lOngdemi. 

LHhi pnees unavailable lor din edition. 




SrHe; 

Map 87 

tut 67 

Nov S7 

Slock 

v'or. 

Lari 

voi. 

US 

Vet. 

Last 


$400 

45 

55 





— 

— 

$465.10 

COLD C 

WO 

52 

37 

It 

43.50 

34 

59 



SWO 

<w 

15-50 

35 

Zb 

b 


11 

COLD C 

$460 

90 

2.N 


268 

— 

— 


COLD C 

$430 

ISA 

0.50 

13 

16.10 

10 

27 


COLD C 

£500 

— 

— 

lb] 

J0.30 

3 

2050 


COLD C 

$520 

— 


— . 

— 

16 

16 

* 

GOLD P 

S400 

— 


10 


— 

— 

** 

GOLD P 

$440 

£8 

1-20 

7 

L3 

— 

— 

' 



tehi 

87 

S* 

37 

Dk 37 


$700 

30 

110 

— 

— 

— 

— 

5825 

SILVER C 

£850 

203 

e5 

7 

91 

— 

— 



S r KM 

4 

55 

21 

90 

— 

— 


S' FI C 

FI335 

13 

4. 408 


— 

10 

7J0 

Fl.338.20 

Sj FI C 

F1340 

12 

2.40 

— 

— 

— 

— 

■* 

VF\ C 

FIJ45 

— 

— 

2b 

2.20 

— 

— 




Ujv 97 

Jun 87 

Jul 87 



FI. 200 

225 

2.70 

12 

3 ROB 

25 

5B 

F1.20Z 

SrFI C 

0205 

10 

0.50 

1M 

1.95 

17 

2.70 



Fi 210 

_ 



15 

030 

5 

130B 

* 

VFI P 

FI.145 



— 

15 

0.<H) 

10 

2 


VFI P 

FI 200 


0.70 

27 

330 

— 

— 

" 

S/Fl P 

FI.Z05 

3 

3A 

lb 

5J0A 

— 

— 


VFI P 

FI245 

— 


30 

43A 

— 

r 



S« B7 


Ore 87 


Mar 83 


VFI C 

FI. 195 




10 

10 

12 

u 

0402 

STI C 

FI400 

14 

b 

38 

780 

63 

8.40 

" 

S/FI C 

FI.205 

10 

380 

534 

5 70 

50 

6 


vn c 

n^io 

110 

250 

17 

430 

35 

430 

" 

&F1 C 

FULS 

2 

1.40 

10 

230 

a 

3 


VFI C 

FIJT25 

25 

050 

10 

1.20 

— 

— 

" 

in p 

FIJOO 

4 

580 

— 

— 

— 

— 


VFI P 

FIJT25 

30 

2<A 

— 

— 

— 

— 

" 



July 97 

Oct B7 

Jan 88 



FI320 
FI. 480 

lib 

830 









F493.00 

ABN P 

45 

8.10 

25 

IBB 


— 


« C P 

FI. 90 

82 

3.40 

50 

b 

2 

7 

Fl.90.80 

F1.90 

40 

4.10 






— 


AHOLD C 

nils 

43 

130 

1 

230 

— 

— 

FI-106.40 


FI. 105 

50 

320 








" 

A ICO C 

FI 140 

513 

280 

325 

6.20 

31 

9 

FU32JM 

A ICO P 

FI. 130 

2% 

330 

74 

5 

31 

b 


AMEV C 

FI 70 

216 

1 

5 

2 


— 

FM5.0D 

AMEV P 

n*o 

10 

18CA 

120 

3 

— 

— 

H 

AMRO C 

Fi.go 

184 

210S 

10 

4A 

10 

550 

FJ.7600 

AMRO P 

fi.75 

44 

2JOA 

167 

380 



11 

ELSEVIER C 

FI50 

bO 

3B 



ll 

750 

FI5150 

ELSEVIER P 

FI 46 

40 

050 




— 

— 

FI.4450 

C1ST-BR0C C 

FI.45 

268 

1.60 

15 

3 

5 

3.W 

GIST-BROC P 

FI 45 

57 

330 

1S1 

4 JO 

3 

5 

" 

HEINEKEN C 

FI.1B0 

77 

6 

5 

8.90 

— 

— 

FU79ZO 

HEINKEN P 

FI 170 

3 

1.90 

18 

3-60 El 

— 

— 

FI 41 40 

NOOCOVENS C 

FI 40 

340 

310 

19 

450 

82 

5-80 

H00G0VENS P 

FI. 40 

361 

2.70 

168 

4 

b 

4.90 

M 

KLM C 

Fl.45 

2172 

240 

171 

350 

18 

450 

FI.44 60 


FI.45 

65B 

230 

70 

4 

+8 

4 80 

FI 14b 

NED. LLOVD C 

FI 180 

33 

0.50 

— 

— 

— 

— 


Fi.150 

42 

12.70B 

12 

1650 

— 

— 

Fl.70.t>0 


FI.70 

13b 

4 

88 

520 

20 

7 

NAT. NED. P 

Fl.70 

138 

2.10 

63 

330 

27 

450 

FI 5050 

PHILIPS C 

FI55 

701 

1.10 

S22 

250 

107 

3.40 

PHILIPS P 

FI. 50 

342 

1.90 

68 

2.70B 

24 

350 

FI 254.00 

ROYAL DUTCH C 

F1250 

2777 

6.70 

846 

850 

162 

1250 


FI.220 

1353 

130 

165 

3 

— 

— 

** 

UNILEVER C 

FI.620 

523 

950 

145 

20 50 

33 

26 

FI597.00 

UNILEVER P 

FI.580 

251 

15 50 

19 

1950 

— 

— 



TOTAL VOLUME IN CONTRACTS. 44,056 

A = Ask S Bid 


C-Cali 


P=Pui 


FT CROSSWORD PUZZLE No. 6,323 

PROTEUS 


ACROSS 

1 Draughtsman returning Lo 
receive recognition for ser- 
vices (6l 

4 What's inside gives satisfac- 
tion «S> 

9 Set out to get French friend 
some heavy silk stuiT 16) 

10 He likes to get the facts 
about mall liquor 181 

12 Threatening mam shock lo 
Conservative i8» 

13 Rob by threatening assault 
in lift (4. 2) 

15 When lo keep quiet about 
waistband (4) 

16 Keep firm grip ilO) 

19 Novel form of inducement 
( 10 ) 

20 Tackie pan of huge army (4) 

23 Performance unsurpassed in 

past history 161 

25 Unlawful entry of spring in 
lock (8) ! 

27 Weapon failing hard on me 

floor i8) \ 

28 Keen to have an hour to taftr 
out window-bottom tfl» 

29 Non-seafaring type comes 
ashore on island t 8 i 

30 Model managed lo get to 
church in abstracted state 
( 6 ) 

DOWN 

l Takes it upon oneself to 
ignore leader and begins 


again (7) 

2 Don Juan proving compara- 
tively knowledgeable top- 
less lady (91 

3 Go round gallery after rejec- 
ting alternative (6) 

5 Frank lo start with (4) 

6 Being assiduous, finished 
going round circle *8i 

7 Eminent academic rising lo 

embrace space traveller (5) 

8 Remnant journalisL labor- 
iously saved i”) 

11 Express dissent at profes- 
sional trial (7) 

14 Stay with child about a day 

in Paris (7) 

17 Theatrical performance that 
may leave a lasting scar? c9i 

15 Goes over ground looking for 

accommodation 18 ) 

19 Reading about America s 

pearl-diving (7) 

21 Analyse lovers’ tiff on first 

evening (7) 

22 Man throwing rest out for 

her 16) 

21 Right to put out murderer 
and dog (5) 

26 Mountain in Vietnam (4) 


The solution to last Saturday's 
prize puzzle will be published 
with name of winners next 
Saturday.- 




ABHBank . 

Aim & Canon, 

Afteti Ana 3k ud 

Allied (tartar 1 Co 

Mitdi is* Bank 

Amman Exp. — 

flaw Bank .... 

Him, tTbacher 

AJlZ Banting Group 

fczac4eCapCdrp — 

AtrJaritf&CoLU 

Banco deBitoo 

Bank Napoalnn 

Ba* LhunlUIO 

Bant Credit l Com 

EakofCyjro 

Hateofireurf 

Bank of Info 


Baity Sax land 

Banpuf Be Me Lid 

Banian Bant 

BerctackTaUd 

BcnfTitiil Tna Lid 

Berliner Ba* AG 

Bm 2* ol Mid East 

BnwiSNpt, 

BwnessUwTs 

CLGankNMntad 

Can 2 da Pemants 

Caps Ltd 


Bb % 

9>a • CkanertaseBark 9q 

Wl CnaortSA_ % 

9>a OSaui Saving; 1245 

91, DiyMmtantsBank 94 

1i 2 QtfcdaicBa* 9ij 

9J» Comm. 2*. N. Eas 9ij 

CoisoiidaudCrHl W- 

9i 2 * Co-opwjhveBajifc 9 

9ij CflnsPopnlafBk 9lj 

9 Ducan Lwne — 9 

10 ET. Trust 11 

9>} Equal VI TstCppIc 9'j 

9>, Enter TmLuL 10 

9> : FmaowJ i Gen. Sec 9^ 

9>, Fmj Nai.Fn.Op 104 

91} FustNatSftUd UPj 

9i, • RcSen Fleming ICa 91- 

9J- total FrjwlPtrc IWj 

9'} Grtmk 9*, 

91, Grmdbys Bn* JWj 

91; ■ GumcsMalwi 9 1 , 

9ij HFCTnaiSamgs— . 9lj 

11 • Hamm Bari 9>; 

91, Heritable 4 Gre. To. 91, 

91, • Hit Samuel 

9 1 ; C.HoareiCe 91} 

91] Htegtong & Stangb — 9] 

9 UtthBank 9, 

9j MawWeapacUfl. — 92 

91] MegtxaJ&SaralJd 9} 


UiflwBari. 


9 

9] 

9} 

9, 

4 

9} 

9 


• MoguGrentell. 

unCmRCenLtd— 

SmBt-oHCmM_ 

SaWeamaKai 

Halters BanUH- 
t HomdiGes.TraS- 
PK Finns. lotHUX) 10 

frwmcal Tma Led — 11 

kltariaei&Sm 9ij 

Roitnrgte G'ranlee 104 
Royal Bk of Scotiad — 9j 

BopITraaBa* 9, 

Suit* LNflnm Secs- 9, 

Suntvd Chartered 9 

Tiwee Savings Bri 9 

UDT Mortgage Exp. 1U 

United By of Kuwait 9 

Dated Muratii Bank — 9 

Unity Trust PLC 91, 

Wespac Bari. Cap — 9, 
WkduMjladn — ID 

rataNnBa* 9b 

a Members M ire Accepting 
House; Commfctee. * 7-day 
deposits 4*5%. Swathe 760'S. 
Too fw— £2300+ at 3 monte’ 
notice 938%. At cad wnm 
£10.000+ remains depoMCd. 
t Call deposits £1.000 and over 
5L% gross. 9 Mortgage base rale, 
f Demand deposit 4i>5%. 
Mortgage 1X25%. 


LONDON RECENT ISSUES 


EQUITIES 



FIXED INTEREST STOCKS 


11M1+ 

Price 

C 

Anoun; 

P.liB 

B3 

L4IK4 

Reflux 

Dew 

1987 

Sixer 

Ctounq 

Price 

£ 

+ pr 

H-gA 

Lo* 

;?a.9i9 

F P 

2+5 

mi 

93 

tA P.9(iW,;% 111 Mon Drt 2011 . .... 

100 


u 

L30 

Jb 

41 

3H 

DnomfiTllNofl-Uilbrrei.Cv UiVLPlLlI - .... 

40 

+5 

— 

F P 

— 

ill 

10? 

EUdieiMcn I*v nr* 111,'.] util Deb2018... 

110,'. 


— 

F P 

— 

9?u 

IbJ.B 

Fn'nJI* Hnirii 4S°oCn, C«"i P(b Pit Cl 

94e 

+ 1 

— 

£25 

— 

25 

25 

fil PuflLrM E5li.9i.'*»lilMI DbJQlb 

25 


flCO.IJb 

£30 

118 

ior. 

■(M, 

Lind SeoiniievNen 10*. ly U: Db 25 

30 •* 


— 

Fp 

— 

iOJi, 

100 

naiioimiiklV'i l-LLn2021 

10} 


fB221 

£25 

— 

26,'. 

2bit 

Scot. Ea-.i«n Inv T5L9i.«a Deb 2020 

26,1 


II 

FP 

30 b 

1014. 

99 

Seconil MIL Ira. 21;*. Cm U"S Ln' 94 

99 


498.819 

£20 

1L9 

24-; 

187, 

TftCmcFLon Tm. M>,SiCH.2020 

23^ 


825 

r:rf 

— 

112d^» 

75om 

Taos Ett- TWw’ 7I»+. Cnv. Ur-* Ln 2014 

112pm 


f99.Clb 

£25 

295 

29>a 

2^ 

Town Centre 5(0. 10';% lsi Man.DetL2021 . 

29U 


— 

£30 

q.IO 

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Trfairr lm. TiL 94»c Deb 2012 

S2h 


f98 09 

£25 

1-) 

2b 

2S'< 

V.u* 9^9* Orb. 2015 

2b >a 



‘RIGHTS" OFFERS 


luuc 

Fncr 

amount 

Pate 

op 

Lairs 

Rrount 

Dale 

1987 

Such 

Cl King 
Price 

e 

♦ or 

High 

Lew 

11 

Nil 


lOl.-om 

Bom 

Aura lain. So 



320 

Nil 

— 

120pm 

90pm 

Authcniy Inv*. 20p_. 

115pm 










170 

Nil 


36pm 

3pm 

Canvwi lift'. 20 b 

3bpm 


385 

Nil 

a b 

95om 

90pm 

Srevbavrl 

90cm 


470 

Nil 

176 

84pm 

blpm 

Vaei Creep. - 

blpm 


150 

Nil 

1C« 

b2am 

3bpm 

WdkwIAVreCIlOe 

4bpm 

-2 

1S7 

Nil 

266 

32pm 

7pm 

Wf to Groao 

27pm 

♦1 


IMRO 


Investment Management Regulatory Organisation Ltd. 

RULE BOOK NOW AVAILABLE 

All persons condueriny investment business musr be authorised 
or exempted when the Financial Services Act 1986 comes into 
lorce. IMRO expects to be the Self Regulating Organisation 


for investment managers and has now published its Rule book 
under which members will be rcgularcd pie Rule Book covers 
such i isucs as membership qualifications, financial and repo rring 


obligations, conduct of business rules, investigations and 
disciplinary procedures. 

Copies of the Utile Book and further information on IMRO arc 
now available, price j£25.Qn (£35.00 overseas) from: 

IMRO, 45 London Wall, London EC2M5TE. 2 

I'l LA>k sfc.V! i ML A i (H'VOF Yi ll/k i*L LE IKN,K.IENl'Ltisr At IIEOUE = 
laWrAL«)UI'kKF* >U ^Zvinil/ (-■■»! 1* LMSEAsiM APE! ll/TI l» “ 

IMKlun*' 

Njnii 

linn 

“ Si! !r - . 


OHM 


Financial Times Moriiday May 11 1087 


FT UNIT TRUST INFORMATION SERVICE 


AUTHORISED 
UNIT TRUSTS 

m «t*- 

Abbey Unit Tit Mngrt. (■) 

80 Rd, BtemtuKUtti 


ArMfe Fond Mamfcn (iXd 


FAC Unit Mwagrntert 


Hfinlmm Ma Wi l nU nB UKbRc) 


Ed' CcnanUI InnlMs EC287PA.U-5B8MM. 1 


0345717373 


Amnr.tat W. 

Data — 

TLB 

TUB 


117.1 

2877 


W-tarerextoc 

0.7 


Du9d| -rdH. tVM. tm». Ml Apr »JW 


Sot racfikWWH — R?Z 

42 Ftctnowmhfm 

xii F«UKSra»«f»l 


e )»7 

inaia. Hi ts 

HunlncEoty. 3ZU 

■rBoad — JlQJJ 


W*«MrBaad 

Cm*U 6mt» 

Amvnaii fi-wd 
aw Puc 


IkU 


Ao#o 4 Ensja. Tc. 05L7 

Cmpl Bfw^ir 71,7 

tarragon A ls*T — — >1144 
EarsusCiriut— — JK7 

Emm 

PW4 ZZh 

UAHfima HU 

HHmill If- UK — Ml. ■ 

UKGnM»34 

UiEiMT^niCrt .S4 4 

Co»t»Pngg- 


Zhm.7 



HI — la Brit Tmt M mi | *h u>— iw Wri fc ltw rii faC Amb-XNpM 
MtTnrilh— MLM 


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W 12 St Janes's PUct London SW1 

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_£a, 043 Dartmsten. Teona, Devon T09bJE 080302271 GAM if inarea Act 

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014939990 

♦idj 113 Leaoiae Administration Ltd 
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8 Laval Lane, London EC3 BDT 01-6211212 

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9 tt*0*e Street. Leeds LSI 2>U. 

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01-588 5171 

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DOI WalwnSuAjItjba^, Breks, HP21 7fljj. 0296431480 

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Feb Jolykauimeu Peat 106 E212 238 23 

Jin AuffHambro, 20p 259 8J2 17 jt — 

Jib JuMHill Samai— _ 499 llOLll +133 - 

Mj+ OcJh k 6 Stan?. HKS230.. 60>joll2.9 tQ37d — 

Jjo SnuUowph(Lra) £1 578 IB.1Z 12J7| — 

June DK.|Kmi& Shanoti 20p _ 190 Call 8.751 — 

Mi/ On kleatwon, Bentoa L. . 487 *b.4 14D| — 

Oa Anr.Ltoyfl', £1 542 H3 18DM.4 

Mr Jn Se DeJMCanS5 580 *9.9 _ 

- [Moony Inti 355rt813 MJ - 

smarter Dobpc ACm Prf litafij fc'SJ — 

Apr OdiMiiitonil El 6711 193 270 15 

Nov MdMagan Grenfell £1„ 387 |6.4 lojf — 

July DdNoiAua.Bk.ASl.-J 234 ^21 Q^d 3.0 


Apr Nov Rea Bros. Group 80iqZ7.4 US — 

Aug DedRotfoduld U) Htdgs_ 162*3312 150 32 

— I Do. Won ana 83 U- — I — 

— temhidli. 149 L 0123d 71 

Jon, JuMRoyol ESk_ a) ScoUnd— 323 \OJ2 110^3.7 

— tScoBjlBOrUn Bk Unis 260 P lAO) 25 

Mir OatecnrodtrsEl— 955 raj 133* — 

October |Do.£lN/V 830 raJ 13J| — 

rbM/Ag NrfeecPaoficSlO £221(000 4 hQSliq - 

Ml/ OalSumbnJ Dunfl. Q 823 5,4 35-fl 4 

Hortii 1T5B 8TJ26.1 W4.z3 32 

— f+TSB Dubbm Isimfc- 138 ~ R3.93 3.7 

Mar SnwUraon Oecmmt Q _ 925 *92 40.3 - 

Jo Ap J/ Octoelli Fargo S5 £30,’,p912 KBliti — 

Jon July.Weswac SAl 210 pi Q 2 &J ZS 

Apr OeiWnrsZUp 420 fij tS« 32 

Hire Purchase, Leasing, etc. 

May OafCanJeVHUgy IDo.J 69 (b.4 14) 39 

October Comb Lease Fm50p. 249 fe.4 L39 82 

May Bcre Fr.100 __ £77,1 N5 WO-fl — 

Jan Aug.Eqwiy A Gen 5p MU10JJ 0.* 12 

Mar JulwLon. 5cw. Fin. 10p-J 86 1261 3JX2al 

Feb OdMowgaie Mere. 10p.. 751*661 tl3 L6 

Oct AprlPror. Financial-. 37S )93 130 22 

— iWoodcUKter IR20P.J 555 812 Q30.77*J — 


BEERS, 

WINES & SPIRITS 

July MartalM-Lym 432 [912 79i|2.4 

Feb JuKriBass _____ 957 pz.12 17.ffl 32 

Jon AugjBelhaven __ 711*2212 gD33| 2.9 

Bar (Xt-Boddioqicn 149 jb.A 3.71 2D 

Aug FebJarmwiMaithr-l 575 12212 14.01 ID 

Jin. JnlyBuckln'l Brewer/—. 144 |2«J1 t2.9j 1A 

StPt MarlBulmeriN.P.1 5o..—. 205 C212 T5.W 2D 

Feb AugiBurtonwood Brewery, 726 [Jill 10.H2.4 

Apr. On Xiart [Manifwl.— . 476 fe3J ad 3.4 

— (Oewmtlt tJA.l 5p — 224 12212 27U.0 

September I Do 4 JfccCr 2nd Pf_ 153(233 41,^33.1 

Feb AdEWridv.PoBe'A-a , 409 llll 7.0 33 


Jin. JnlylBucUnr'i Brewery—. 144 B4J1 t2.9j 1A 

Sew MarlBoimertM.P.i 5o ...... 205 C2J2 T57S 2J0 

Fett AugiBunonwoofl Brewery, 726 W 11 10.H2.4 

Apr. On jCbrt iManbe*).— . «76 fe3J ad 3.4 

— toewmslt tJA.l 5p — 224 12212 27*, 4.0 

September j Do 4 j«C» 2nd P<_ 153(233 41/^33.1, 

Feb AdEWrutp. Pow -A- Q - 409 llll 7.1*33 

Aug JawMoller, SmtnT. ALL.. 398 &J2 tttA.l) 5J0 1 

July FeffGiwrull Whitley 252 CU2 55 3D 

June Do.5 95eeCrMa_ 138*18.12 5.45’J - 

Aw. Feb fcreene King 379 t212l IS hi 33 

Aug Marai(6ulnntfH 328nl)27.4 a&ld 33 

Jon July; Da 5!tftCnvPrf_. 108 (24 U 5 l7S*J — 

Ac» Op' DatMiPcCrLn — £12S'il23.2 — 

Jan June HigMono Dots. 2Qp J 79027.4 f2JS2.4 

Oct Ma,,W»enw,danOhtv. — 17S 1233 5 25*28 

Dec Jul^lrr.h Di'Jillery 181 (22.12 Q]9 r J ZJ 

Nov AorMacallmmienltvH,. 399 p.4 3B4J3.4 

Aug OcrMaraonjlB M*tm 'A'_ 995 15.9 190* t 

Jjn SepUMaraon Thomjwm — 129*.’C2 12 t2.24j 31 

Jan OctrvMemtiown Wme„. 415 (812 65331 3.1 

Jury JariUcOrd — 520 Sl2 7^2.9 

Feb SeoilSwtt A New 2Dp — 252 g.12 77.00 23 

Fes Juh|VanvCrsio _. ■ — S35irG2 lZ igliSj 23 

Jan JBlyfWMbrrjd -A' 358 t-411 t7S2A 

Jan JvMNo* 6 Dudley 337«tfcl2 MW 3.6 

Dtc Julylroung Brrw "A" 50p . 365 6*11 t7d 2D 

Dec Jniyl Do Non. V. 50p.-...J 340 12401 77 jl 2D 

BUILDING, 
TIMBER, ROADS 

Jan. JuMaMECSOp 360 [1011 IZOj 23 

October Attrv — 273 021 t20^rf 3.1 

July Nor^Bfroren Com. 250 p9.9 8Dj 8 

— l^Angh] 5« Hams J 400 (— LLU* 5.1 

Anglo Uifl... 57 (9.2 ZdL5j - 

Mar lArncIrtfp lOp IDS ra2 41.M 22 

— feAilBiejtf Gnwp 1BF-. 220 P R3D*3J 

Jut, Jjn.'AUnKXf.Ss 312 (2212 TS.Ol 2.4 

Jjn Aco.'BPE Infls. 50p 750 H12 79 J 4.1 

Aug WA iBaKrriagc Brick 157 2212 hl.75j 42 

Jan. JunriBadei iBenl lOp — 47a27 4 raO.fl — 

- iBatewm I Op 180 lira) -j — 

May Nn.'Barrau Bn. lOp 104 18.121.4 

Jan July. Belli* av 216 16 4 74 22 

Feb. Aug. Bcreeiev Group 392 12212 tt2.ll 4.9 

Kar. Aug |3eM Bm.20p — — .J 107 (26.1 43 llll 

June laiMUrn 20p OB, ’.lb A 30- Oj 4 

Da JuIr'Bkif Circle £1 875an27.4 23.d 4 

Oc_ Ma^EreeCcit Ume 315 vb.4 lUSj0.9 

Feb 0r'3S££A 245 K 12 ri.ffl 02 

Mar DeelBrilisli Dredging 126027 4 4jffl IS 

Nj«. MarEryant HWgt 9lrf3 3 h2.49 29 

Aug Jar iHumrti £ Heilsn 20p_ 14>V2b31 ♦— j — 

Jaw. JuiylLrtfOre «t Rbr 'A' !W.J 102 774 11 33(23 

Oct Ma»Ce™vn-Bpad5tnne._ 158 [233 020^0 6 

— |*Crte«nihi«er Grp - 32 — j — 


Oct MayiConper Group 

Daaoer jCsBicniFlSo 

July vht.Coiuut Group 

Sem. Aar JCoumnrode Pnot 

Oct. AprlljCroucn iD.l TDn 

Oanber IDoutIji (Bool Ml... 

October sDiunon Group 5p— 

May 0avEBC50p 

Apr OcvEBmnnd HWgs lOp _ 


193x27.4 4 O 33 

223 15.9 81.7s 13 
533 15.9 1731 * 

652 92 bJS 5.1 
215 123 tr5TO 23 
149 93 122$ 2.7 


Dec. JeneiEnih J 175*127.4 4^ 23 

_ j«Tf Cntwa=uan..j 140 I9J n4.£ 32 

August iFnrtru/ 10a 203 2217 0.4.0) 19 

Dec JunejFeb Iml 20p — — 174 jldll 81.7| - 


August tFnutmjy log - 

Dee JwtetFeb loti 10s — 174 ;IOU 61.78 - 

Dec Jure' Do ’A’ 10o 115 *10 U 8179 — 

Del Aprf Mm ft) Hosing 5p_ 207 [233 4.0*43 

Jafi fct'Fmlan Gnu lOp 120 O Old 0.7 

Ape. Nov.lGaiirfordSa 121 9J rtSM 

May IGtea Dandy A lOp _ U b.4 20j 2.9 

July JaniGleeuD i bUI 10o 453 a 12 75.91 43 

iHarrlwi Intis 10 d__J 223 66.1 g5.0 2-7 

For Helical Bar tee Property 
JclylHwceeson Group — 223 JlOll 7Dl 18 

JniylHewoen-Siuafi 10n- 99 11310 l.oj 6 


3 ttia 0.7 

3 r*i 1.4 

4 L0| 2.9 

12 75.91 43 

U g5.d 17 


Jd/lHiytefesan Group. 223 llDll 7 .01 18 

JniylHewdew-Siuati 10n_ 99 11310 1.9j 6 

JulyUtolOac LP.03DB £27712*8.12 — 

9 FV. U i I 


vHewetwIOp J 86 •— R2.7 2J 

mod Wilburn.-.] 296 [93 7.79 23 

June'Higfc 1 MAI — -J *41X274 15d 6 

Har.+louawStnitlOp — 72 *92 7414*18 

Uay'isras Jowen 279 16.4 bd 2.9 

lyintpl amt Cpn — 36 'e— —I — 

OctJamy (j.l J 665 >3 tlODjl.7 

OctOJrwnv^ASSO 88 93 CCtftJ 21 

<Jc*^Johmu*ei Po lOp J 133 193 04 77* 2* 


_ rgimni AocoCpo— .J 36' —I — 

Mar. On. Jinny U. I — J 665 >3 tlODj 2.7 

Mm On6J«m«gt AS50 — ] 88 *3 3 020^12.1 

Apr Ocr^JchmuwiPu 10P.J 133 193 0477*3* 

July Lafarge Coe F100 .!£170% I J7 j 021’ej <> 

Nor JutyUmoiJobni 477 * 4 ■ 15 1 52 

Feb. Aug Latham U.) £1 - 435 HU tl«» 31 



























































































































































INSURANCES — Continued 



aUfcSa. 

April frTjWwUEOT.. 

Fh Uy Ax N> TrattaaricSLOO. 
Ho*. Nay Trade Indennhy. 

Mb Jo Safe frwtkttSLS. 

Ok . Jane USUFECorB.J30. 
JM teWttFnenflyfllftU 
■tor PWWfflh Fator fcSjji J 

MV JriytWMSOrSca. lOp— ^ 


M* 

Ptot iPwlEr’clm: 

if* 1 * 

3.4m 
<!mxu 

2^26.9 
M 
33 

I 


SO 
L4taO 


LEISURE 




October M&KGnw]Op_J 
l July A-RTV Prof. £1 
Aug, Anglia TV 




J>* 


Jane 

Mar. 


M0( 

JM 


Jan 

Feb 

JM 

Nor 

Jan 

October 


WCEHWgi5o .. 

Hoi Barr & WAX tt'_J 
BouttyGHawkes—l 
WonterT.V. ZZ: 
Dec Smx Walker lOp—. 

Nob. ranwHnt 20 p 

jpital Radio JCo,, 

Motemrrv 

Jab itoraHs 


— KltyvWonSp 
— KaanaMPndSpJ 

Jan Jolj FaMtae Baas lte_J 
Apr. Oct. FlntUtoner 
— SRAfinopSp. 


JtaeCransianTVAlOfuJ 

pH^CMkCranJ 


Aadfanl Leisure lOp 


LMhMnaUoallOpJ 
Leisure hit IDp__J 
Jot UeouretJiue la lOp J 
JofyKewnar. 


Mar 

Apr. 


Oct 

HO 


JUl 


t -jOcr.H 

■ Mecca LetoelDp—J 

lOd 

Dec. M«JnteUrrlOf>„| 

■M Midsummer LdsSOp I 
MayHUsiWorMlOp— J 
[M ttodomidrUteei 
H0 rc1oM20cZB 
kmkwphwvNZMSJ 
Jn«EjHflsSftJSJ 
Jwnm Abroad 3pM 


SepL 

SegL 

Apr 


UO 


Apr 


Sept FFTBUp Ratio RVSpJ 
. tP**app teMp~-l 
Apr. : 1eaurajn>5a— — 
Mar. Da.7pcCvCmRedPf 
NM PlMt 


[fPritni leisure 10p_ 
WMoCttr'A'NVZ 

Jbljj*Ka*i Clyde N/V 

ffeifex*jlhefolG«p5p- 
HtoyLxtare 10p*_ 

Not Saga Bais.20p 

No* SasMinnCrg2QD_ 
July Mwgen Photo lOp. 
Dec ScxsroZOp 



M^mianKlStlSp. 

Hrt TV 

NnrJZrtimSp- 


asHZM 
zn AlA 


m - 


JI7 G33 

•fia 

»* jCJ 


1SS 

TkM 

836 


MJ2 




134 tel 
445 S3 


B-B 



3JH1ZS 

b£*TLt> 


5.6053 
4.9(13 A 
1.0(10.9 
4$18.4 


2.4m 

L4Z13 


M 


jpAn 


2 « 2 U 
2J1 LB 
4.4162 
13 155 
, , <-0 10.7 

H - M ♦ 


Ko 


l— 1 QOJdUJl (1433.4 
2A142 


14(272 


DlMZLO 

43021 


a 

U 14.4 

w « 


L4|340 

iJlU 

2X266 

ujai 

53 92 


2 Ju 


MOTORS, AIRCRAFT TRADES 

. Motors aittf Cycles 


Mr Jm Sp DCen. tits. Units 272 72 

Mo Not Honda Motor Y53 5 « LLH 

M« No* Uoaar - »2» a U 

— MMaa Motto lOp- 33 — 1 

— brer 50a 57 - 

Jaw IVotai<$-ZZj BPf/ZZB 


Q25e - 

024% 6 

« 6 


56 - 

0.9 « 

23 6 


22 l * 


Mar 

Sept 

Jan 

M*r 

«M 

Bar 


- tRFnwfliS 

MpPlutMiUUU 

Com 

JuiitfE 

FtbMbtyPweb. _ 

AMAMkw&miffna . 
NtoJAnitta«E«.Up>. 


Jan JumFRGrooB- 

Jan. JxMKwik-FhHl 


Jm 

FHs. 

OcL 


“47 


Nor 

M 


037%) * 

Commercial Vehicles 

jSUSll U I 5jja?9 

ponetits 

MS H 2 S 


Oatoo*tr3 


HMp. 

MbnWa. 


10a J 



JatjBapa fireup Wp 

Ganges and Dlsiritators 

UtoemdenlOp— I Z2/J2321 0.7] 

jS^^^pZ 

” (C- o j_ 



J» BriLCraAualQp 

My laHynSOb 

rrfamtlflp — . 

r«nU4pcUI976J 

AO bwkn'Jsp— ~~J 


Jan. 

My HmUadoWm. 


OCL 

act 


Dk JaMPcnyfirao 

OokkftfcULAJ 


May 


Jan. Aiif&avt* Godfrey J 

OcL AMEwNlUto 
Mr . fcawfFU 


bU«nHd Lnmce -| 
JuMNartwefl 




JJlOpZ 
hvntnn Motor 



U 142 
33173 
26112 
32152 

321A9 
37143 
41102 
33 202 
33 241 
21142 
32171 
23 ♦ 
Z516 


NEWSPAPERS, PUBLISHERS 


May 

Feb 

OcL 


My 
Feb 
Oct 

& * 

Jan 


nsa=i 

iPPKldgilOp 
Bartmtr.lnani M 
(A.6CJ— 
Ew-Ptot 

WHBam 1 

Do.-* - 


ab4mw 




3Bb 


E 

OcL 

Jbl 

Oct 

Not. 

Apr 

ST 


MaOWSOp. 

F. 


EtoOeBneCyPaiK 

PsbSOp. , 
HotooeahMBngS* J 
CmUesHUgi.1 


OctpajwsF 




JaWj 


UriLBiB.CoDin.10pJ 
ltriLTkoUfMl 

tSuMnlOp^ 

fnrs IntSpeC. Div. J 
iPi*.10o_J 
S ASuncL- — ] 


NoiMe 

Ocnktiml 


DtdPnrBrfttl 


AprfTrmhy H Hid 50a— I 7» 
Jpntfllfd. Nnsiapt) 


l2ZWjZ7 

Sam | 

w 
B 

aw 

470 

5M 
CM 
W7 
375 
3M 


I45^7j 

mwi 

195 

SS 3 


ml 

itsB 


477MZ72 


'2 

M 


'.4 

(93 


’2 

K 1 


Mu' 

P.4I 

Ml 


UU • 
62 23 

6X 3.7 

56 23 
B4X W 
1073 ♦ 
T276 25 
925 32 
925 32 
MU 12 
♦H217 32 
106 17 
MI 14 
■625 U 
101 43 
048% 6 
36 22 
U3t 2.7 
42 19 
32 26 
105(1921 
T1039 37 
979 36 
• • *X 13 
132 * 
.312 2A 
16913 


13 t 
31 152 
15 212 
27 « 

15 29.7 
43 * 
176 52 

19 214 
22162 
23 54.9 
13 293 

19 20.9 
33186 
23 272 
32100 
26 • 
26 206 

16 226 
32 14.7 
27 209 


PAPER, PRINTING, 
ADVERTISING 


May 

of 
My r* 


I ■tTASefecflmi'Ht- 

. UixnMifVldanSB. 

■ MdBon Consult 5p_ 
May bAapea ConwB.56- 

AdttAWtttooH^ 
MOB Design CrpSoi 

■isii 2 ir.sss£ 


OcL AprBtBaHw 


Jtne Odtot 


JaHBP< 


SMedsEMUbSoJ 


MmtdSmtlOp^ 


Na« JM) Btant- 

Mw. JofyCaritsn 
JM JMyOHpman 


OcL 

Oct 



^CnSSwelOp . 

Ltahflp— | 
(James! 
TYPiotlOpJ 


Jan AMCrapper 
Jim OwSCman 


May 


s sets£ 





Feb. Aon 


Apr. OcuKeo*eMPn«20PJ 
Apr SetfjHobMC Uaidunt lOp. 


FetfaemiRobtoOZOpJ 
Feb) Oo.,NOfUVn( ’A' I 


3 

Apr 

My Aq Nw’rtjWT Go Inc SLLO 
Jan M] bmK Porter lOp— 

ABB. Ito.mPSrtMpSp-.-- 

— ffleafoMlneaUll-, 

— m»w5p — 

May Rot Lob*H-S6B10p~- 

— MllftB Mtc» C«to». 

Mi July 0 MwHU)0h2 , sP— 

Ml AM.Mto*cMBf»MlOB- 

— MtaMtyprCMplflp. 

Kay Net. Hdatopate Grw So 

July JuMstv ffFatr. Up— 


54 BUS 
323 iA 
155-27.4 
412n Z7.4 




309 

an 

sU. 


(ami 


242 


M 




05.41 


03^72) 


SJ2 

2631 


-513WZ7.4I 

rnmno, 

155327.4 


Ixim 


m 

345 
574 
347 

IO 


«7 

105 

19t 

45* 

192 

19 


2 U 

23J 

B2 

1211 

121 

S3 


132 

at 

S3 

L4 

64 

*32 


179' 132, 
194 M 

in . 
233^7.4 


13 26 
33 * 
23 36 
3.7 > 
71 24 
42X 57 
Lll 47 
32 36 
32 33 
92 22 
n2J 37 
575 « 
M2 * 
13 « 
23 — 
62 26 
82 52 
M.4 12 
b2J 2.9 
0562% 4 
23 23 
32 75 
W1W 17 
22 10 
UJl 1L7 
. 15 08 
935 IS 
SX 19 
15 f. 
ami e 
G2* 43 

17.1 24 
133 10 

71 12 
13 - 

W&U 

12.1 33 
irfU 26 
115 »3 

36 43 
56 43 

72 52 

011.12 - 

tiB.9 26 
41 57 
Q4.7t * 
Mj 21 
81 29 

ti3 « 

113 14 
82.5 IS 
66 10 
122 17 

13 16 


03 205 
07 50.4 
U 203 
73 416 
17 * 
36 146 
471186 


19136 
15 4 
23 17.4 
U 4 
1216.9 
LC 203 
U 105 
ZA 163 
26 138 
53 133 
12 383 
23 4 
63 4 
25 4 

1.4 373 
25 215 
08 308 
43255 
18273 
25 4 
46)52 
37143 
2X15.7 
17143- 
QJ 103 

7.4 247 
32 185 
20126 ' 
17 4 

uan 

DIM 
32 153 
28153 
38 -• 
43 196 
14 283 
LW23-7 
17)258 
II 102 
20168 
23154 
M — 
33155 
U 173 
2.7 4 

7.9 167 
Zi 19.7 
23 4 
57 233 

1.9 £0 J 


33)117' 


L4259 

13058 


PAPER, PRINTING — Continued 

OMdenb ' 


FINANCE, LAND — Cont. 


Da'LASMO. 


JJOhrt- pHSurUf 

'Pan Pacih; PfL I 

WPeiaOL 1 


Jsdsteed London lOp . 
r Oa Apex. Props. 10o___ 
— Arlinpua Sk lOp 

Jidy ftuia Property 20p_ 

— ' PAsmaifcM 

UtottomSwCiUp- 

JM MgnwHUpf 

— BerfMlev & Hqr H1B-. 
Ho*. July Biton (Percy) 

Dec. An BrjrfordProo. 

Btedeip Pfm 

R*. Abb. lrtMLamf~ 

& 

■toy 


NauBrbnsn Emu 

1fa3c«65p 

WjMiiiiH|. 
OctjCapital & Catatoet— 
Jaiy DcdBtocU 199904 
K»6 ftpAfloJUp 
Feb. Ao*. Imfitf Prop 2 Lej 

Apr- Oct. SentrOTtocWZOp— 

Dec CbuUffMd 

{CnyprorelOp. 

— to HtySdeEmus 

My Nw aartolBrtmHt ... 

Die. Jaoe dayfenn Pnn 5p. 

Ox Warrants 

October CaauesRldst20p 

May Hot IwneBlEslAqtsSe-l 

Sept Mar Kont Tern UM20p. 

lontnA Sea. lOp 

Apr. Oa CnuyKcwT. lOp — 

Apr. Ost May Props ■BTOs.. 


& 


- IfWwmdeASae- 


Ho4c»a!tas Prop. Grp. _J 
SejaHtaejMi 

Oerwest VaOey Sp. — 

For Ednand 
My Not EgenanTi 

Do.7pcPfQ 
My ©as.* 
top Nor Ess. & 

Apr NnEOLPap. 

April Da 10*rpcLiL94l99. 

An Ltansof Leak 

Oct IteJEmit Hew NOotl. 

=1* Oaks tun So— 
FkttMrKhglOp — 

Apr Oct Frogmore En fsfei 

MbertHselaaloZ 

KlentnflOp 

My Grainger Tim 

Sept 5 Portland SOp 

Sen Sreea Property li2SpJ 
Seal keyauilOp 


Apr DqRaiMCotatnMfc20p- 

^■r nvvmBjnDmon a .. . „ 


Mi 


xz 

Dec. 


OcL 


Dec. 

£ 

Apr. 


■ e— In — - — 1 

MnraUUKIMRI 1 

OcUHimplon Titffl 5p — I 
(toHaoaver Once IOp-J 
ProplOpJ 

Helical Bar 
Not PH K LM). 

Od bus* Prop lootoSDp. 

OctlmrylatL- 

to Je Sp Dc hrtlacFMySftOl. 

Asg Fr( iermya totes 

pKeyCAyPrep 

mu LAU19 1 1 1 mm m — 
Dec DoBtipcLaBUODS- I 
JoiyUadSecBT)tie£I — 
Land Sec 10 k Is Ml. 
Mar. rUsid lease 5fc~_ 
R0allnd.G1p.Sp- 
JHyMd&ECatorAUp- 

Do6oc Conv.Pref. - 
Dec DabiywCtPf — 
La4r&MMKn5p~. 
JmLod.Pm.Sie.lte 
— AedDoScrtoTUeslih. 
Hot M;aopProp~*— 
Oa Do.9pcCnt*9449~ 
OqDo97SocCtU l 9904. 
Prop. &. Be*. _ 




Dec. _ _ 

■tor Nm MarUntb. 

September Harter Estaut. 

oaHtogtor CM Praps. 

Dt* . Joy HdwrnrylQp. i_ 

Dec JK) HcKaySKi20p 

May Oer MertMe Moore Sp- 

Wtffa Inti P 

ftoi IlniBiriilfii 

uu Momirvi. 


toy 

torali 


_ Do.575oeCn.W_ 
Angh>oaat«lBtE9s.5p- 
JumMikUow(A.A JJ— 
MewCnemMiSp — 
PwEratodPtoaSo. 

baoryEsaies 

OdjPiftattle HMbL 10p- 

StoptSSI 

noenN Pmp. Md RaJ 
|PriMManmlOp-J 
AusJPrep ParutiNw-J 


Stack 1 

|AlncanLa).n 1 

□oraeadlDp __J 

Jan JcWChJiin^or Cpo J 

July Jaafodar Oimevi 1 

— ifm PjuIic Id J 

May IN Great NO4CE10J 

Joly OKWnt'm. Cm. El ' 

Ja» MyJndiuorLl j 

Oa AprJLoiutt i 

Francny to*a "wm j 

tq JanOcean Wivn. 20 d ' 

DeclPirw*. 2oen. 10o.._ ! 
Ded Do. 'A' kVUb—_l 
Aonl Polly Pm Ictl 10c _J 
Oct 1 Do 9pcCrtji '03-09 J 

MayiREA hlCOL 1 

Nw.iSme Darby M505 -J 

JdtnSteci Brot — I 

fToirr Kenp. 20o 

Oct! DaBijKCaPITCoJ 


lAngtoEM Ptaoo 1 

•BertamlOp I 

HowCore. Wants MS05 -. J 
— (Grand CeMmiOp — ‘ 
Ap Aag JanMamae Illy PL IK1 J 
Nor. MarH^umi USOc 
Apr OcuKualaKepoogtol 
My Wow E«a» In*. lOp 


Teas 

May lAsom Dooan £2 J 

tom lanrleOp. E) — I 

Feb SeptlUdeod Russel a 1 

Apr. Oal Oo84ocCiit.PI I 

Apr NevlMoraaEl — — 1 
(witturetonEL 1 


Feb.burtsan Deen R1 

— tan Rand Pm. R1 — 
tor Sepwandfont'ii Est R2 
Uarcb Sunnier* Jack ROIC 
FduWest Raul R1 — 


FaM 


Oa toynberU). 


Sen 

May 


Oct|bco«U.iJ20p_ 
SiaffSeas Frtn 
Do.PfcUW.lp, 


Jm toy 


Deb- 

tor 



N*r AMStrangAntor. 

(Motor Btyta 


Oa . 
oa 

in. 

Stot 

KL 

Octcbtf 

Dec. 

toy 


oa 

Jan. 

Fml 

Jan 

toy 



OIL AND GAS — Continued 


I iLnt' Kt I 

1 Fro I id i Net 1 

.1 as 114.41 7.0! 

Gcr Dp. U ps” lOp 1 1M 6-= I 9997 


Stock 


1 rtf 

CViBr’iPrE 

l; 3 ^* 

-;ui|- 


Jan- Daks^tCmReBiaJ 119 8J2' 9A3'. 

^■Lyundrr Pet 5o — } 46—1 
‘vtopwiGnacAlDcJ 6 (— I — — I — ! — 

■:;uartne> 103 J a 1 - I | -3 — 

VHerlOaiOilNV B !— I -{ - 

Wonrd. p« N.L 1 71,1—! — - I -i - 

-Hta mue t Oil SO— ) M I— I 

Cltfaray Firm SOD— I S I — 

; He» Loscon Oil SO— I 33 , 

hanktryeraKr 25 J£16iidl27 4. 016* 
jtNtrSea SGenlw J 56 I — 
lllNonh Urn Endn. J 74 
VO^o ReL - ] 

Nov'RLiriFU Icrts. SnrC I 


r-J 


10 *;'- 
31 U44 
40 j — 
5 - 
67 - 


-! ^- 

4 ; 24 4 

C20] 35 | J45 


■TrPernne Ret. * IB I — I — ■ 

iPnrinal lOj I 604 2341 -< 

09 Paracon 121.0 i 8So77«! 20' 

— TPetrstaBSA ;Q72 225 BFrJJO 

— -yPHreow Pro me u w -1 20 1 — I t — 

— (fPeawlOc. — H- I — * 

— HK*mi Pet El J 36 1- • — ' 

— IPrer-jet Com. 53 E7B| — 

— Manger Oiiii. -I 280 i — 1 — < 

Sept JartrJtoMl Dean Fi JO— '■ £75*.05 9 iM3ir*' 
Oa MapKomav AOTSb I 278 305 1 mQlbc 

— •(Saxru.'e Per SOp J JO - 

— vSttutre Petli _ . — J 200 1 — 

No*. MaySireil T-ar. Rrg 1 £L2fc!Z33 

Feb. Aug( Do.TpePI El I 72 CM 2 

Jan MaySiBOme ! 2S6 S.4 

Augm KwOiffiC Ret 40oJ 14 117 6 
July FebWrr «r Oil I 72 0.7 I -J 

— IrtSi-iuif'RoytfYlaJ 52 »— I 

— iTR Energy J 24 — — I 

0o.rTruca4J(PcCn. I C72i^Z33l 04(a*J 

DfcTmac Rft AJ035 — I 207 BJJl *025c{ 

iToui-Cie Fr Pet B I £54^X161 »30*J 

No*JTncmini _l E8 04 4 — 

NurTrwirfflllflcC.UiJ £92 G4J1 Qliv! 

— Irrjoo Eorwe ie I 1*8 1— I — * 

— * 9 Ti 3 karHnirSfl_.J 22 I - I -1 

OcrtJHmmer — -j 240 S3J; 5751 


43D- 

4.94»' 

bj 




— ! 331 - 

”! dE 
z\ z iT J 

1.7 I -J - 
4 I 1BI * 


2D I 4m'i6A> 

l 1 9J 1 — 

III 33IE.4 

— I — j 29 

Z i zj z 

— I Hit] — 

= !^ = 

ij^A 

z! 3 ^z 


I Or 


OVERSEAS TRADERS 


Loll Dit 
Prta I id I Net 
56^27 41 3045] — 
59 «.« : 01 « 

145 3U1 H7 O' 27 
102 L*4Jl! 4.15(15 

8 >yl - l 0076:1 4 

146 CO 5' jr*.: 17 

505 7U0* 20* 10 * 

668 liJl! ;1 Db 7 0. 
278s 233- MO Oil 1.7 j 
106 ! m2 01 - 

68 kl2l 6H35 20I 
SO} 0J: 1631 83 I 

393 333 163 87 1 

S2 '332 1 b5h3l6JM 
E1IWU2 1 09V - I 
200 :iOJi: 2D) 17 1 

B2 *4 i QBdl.4 I 
675 C7.10I ♦— ! - I 

147 4 4 I 05H6.1 1 
143 i232l 8*;V - I 


rtf, 

GrtlF-T 

Ijjl - 
03! 4 
6 H10J 
56(14^) 
1.41 « 
251 S3 
5J't2S2* 
4 4*14 J 
55jil3H 

SOliUJ* 
2 31 6 b 
2 Jlbb 
3115 4 
173* — 
1.41753 
24|?9 B 

05ll4 9 
l6i - 


PLANTATIONS 

Stack I Pnct 1*3*! 
Rubbers. Palm Oil 





850 HJ 
E21IJU8 
SSLd332 
310 C33 
03 I8J2 
745 Mil 


9.0IJ.6 
40^28 
663X41 
8 4%]U3| 
208)40 
20.01 L5 


MINES 

! I Late I oi« hru 

Stock I Pike 1 M l Net lOrlOr'l 

Central Rand 

898 12212] BlOOd 4 J 35 

726 b.4 — 

£89*JlLB tOUItt 28)5.9 
lOOXT 020c 10 62 
270 IBJ2 Sod * 1 71 


acker, 90c_ 


Eastem Rand 


JanjEasttro Tms. Co. 50c _ 

JaneCRGO RD50 

FenJGrtattWZSe 

NOiJMnraH R1 — ■■■■■■■■■ J , 

HotJLnlir65c 1 

Fd^Maneraie R035 — i 
IyUDdBera Gold Hkte_J 




JWytedi A Tnmptts 

St Itadns Pmw lOp- 
Jan 5coLMein».20p— . 
SheabaA Frap~ — 
May JnlyStoratn n SeeLlOR— 

Feb As{ KMeM GrtW 3p — 

S^BnNwiftkXtU 
Oa blaySlaudiEM 

Jim Dec Daiopc C* "87-90_ 

June Dec Do. BpcCer. 91-94 J 

June Dec [to. U^pctn 2009 J 

My Jan Do. U*«pc20l9. 

Awn SaMbendStatfcmn5pJ 
Jac Dec Speytiairti — 

Feb. Aag. Stapdard Sea 

Stockier 
rapt Estates 
Apr. Oa Oq. 7tjpcte 20W-] 

Jan J«ae Town Centre 

February Fto*n*radrS«20B J 
Ap. rok rnflord Pi 
April gTmodwrtnodlOpJ 

April rnatofPitip.5p 

January WKLand 

— . WaRtf tAHred) 1%, J 

Mar Jkly Warner Eoau 

Aar. Oa WunHutdlOT.20p — 

April Wales Ckyaf Lap. 

Mar. Oct Wnurtn. E Country J 

Oa Mj Wingm Proo In* . 

FWoodU-DJXOp 

Aug MoJiVork Mount 


AuglDeePmal R030- 
AubDoonHiwetoRl— 

FebJOriefameii, Rl 

SepdEJandsnnd Gw. 20c — | 
SealElUuigRl — 

AogtHartebees 10c _~_, 

AugJKtel Cuia R035 

AugJLbanon Rl 

MarSuMimal 50e 


'oi ReeliSOc 


Fttfiiillomeiu 50c 
SfOLVDl 

AggJvenenpusi Rl — 

SeprWesiem Anas Rl 

SepuWeorm Dm R2 

AtoJZindpar 10c ..— . 


Far West Rand 

475 t22I2| 10200c 

03*^812 aaoooc 

199 CM2 1055c 
ElUxS J 2 Q2S5cj 
£15>jSl2 
733 (92 
332 Ql8 
547 12212 
865 BB.18 . , 

CX7MC2-12I r04lsd 

£42V)2 ] ' 

479 812 
£81 P2 I 


4 113.9 



iBeatrtx UkietB . 


O.F.S. 


Jane ff 5. Com. GoM 50c _ 

AuglFree Stale Dei. 10c — 

May' Harmony 50c 

liori tH j.< Grid ROJU _ 
Da Ctn A 11987) Op- 
' ,1906)03- 

Drcrator ! _ ”1 . 

Aug. FebSLHrimW 



065d 4 j 5J 

-- 100 


Q3»c|2J 

Q15dlJ 



Diamond and Platinum 


JunrtfflgkiAato 50c I 

MajiOr Beers 01. 5c j 

' Do.40pcW.R5 1 

mala PLav 20c 
ydfflburg 13>jC . 
SepdRo. PUL 10c — 


£98Bp74 
741 
425 
962 


EM2| 
*)J 
193 
£10 <93 


tOaiOc 18 28 
080c 26 3.4 
0200c « l]4£ 
» 013 5c 28 44 
HUM 10 34 
t0135d 16 1 43 


Central African 

- Jan JunepakenBOc 1 295 tZ7I0] Q60d 4 1 88 

«.9 May Waifcf Da. 2S1 J 26027.4 QlZ5d 4 14J 

- - aamDprIBD034-J 12 IT80 1 -I — I — 


5 ? 1 


Myney Dk. Uroi I 

kuwd Docks e 1 

NpriOcewTiwaam 
May Nwp&ODftda 
Jkh ■ f Da,6Jpc Cnt Rd W. 

DoWrpeCt.Prt—J 
Jan. JuMRmdmaolWI_— | 

torto Sp DKfieateas*iei»SOiJL.J 

JuwTIpbio* lOp ’ 


JatfTuntouHSceaa— J 


lAIrr Carp USS180. 

JtilyjAng. An, Ceil 50c 

Aug Anglo Amer. 10c 

NorAsg. Am. Goto Rl 

AugMgiavaa) 50c 

W«>ii(Gu«10p 1 

NrewAtnCamUSSa 

NcrJCtro-GoURckh 

Da<Gei*el Rl 

MerGencor 40e — — 
lGM*Baiel2he„ 
OctGcM Fields SA 5c. _ 

Oollo'twrg Co*l R2 

Feb (Middle Wit 25c 

NeuiM narco 5801.40 ] 

OedNew unis 50c 

jQFS iim lc— , 

tend London UcZZ 
July MCRan) Mhm Rl 

Jm JmSandMIn. Props. Rl J 

SepL UariVogeta^ye 

Jan DedWdNnGoH 


Finance 


field Hlda 50c J 



niGrtm. 


■Oa Samr BtnOt^H 
Jim ftaadimSi«>5A 
Oa .aniberl KttLjto 
itojPnwrtGmM 


Asstralians 


..lBtolPtB!...._ 
C8paai*50e_ — 
DLIQ 
i Brews 20c 
TtgerOarsRl 
Tanga it HulaitRl— J 


tiadsen Erpkui _J WAB -j - 

jsafsssr3 u aiu »i, 

iSSSfr^’it! d - ! dz 


WAom 5Kanties20e 
WAirt>-w«20e 

MAQairua Expln HL~ 
WAUOBB Htoerals J 
MAunrala ling HX~J 
VAtoMikn Res. NL — I 
hAdocErpln.. 
IWiinnrai Res, 

UflK J 

RfUuKts2 J 

Bono Du ub 

tie 1 Kha _ 

— MrustrickS! — 

N««RAJ2Z.~Z_1 
Karr Boyd 20c 
Kentral PSedic.- 
tCok Gw ug Areas N(_ 

(FCttoaRet HL52 

to Eagle Cup 10c 

jVEasemGnidp 

Eastnetajc 


(EtoersResamxs, 

rtfEsoerar Mines_ 
jiEpdfjMM, 



MINES — Continued 


ttrtdtndi 

PM 


ay uhtu, 

— WGn 

— »Ha 

~ WH4 


- _ te 


: Sf 


Oa 


i svua I 
— Km £>D* Umemls I 
Mr Jr OalFGUKatoKflcSc-. 

Tres Vicwm Cm .1 
ijitu Imamu 20 c.[ 
iHril Unerah N L — 

tflnsur Dcran Res I 

4lnflj Pauli: NL I 

Un*inciblrGd2Dc.~. I 

. ibJOt J 

Rl Jaisn MimngrOc J 

toJttoenicitoK f 

VjuliaMimNL 

'Kabara Vn20c 1 

irtiOraGoMSl — 
(Ktdrne NL 25c. 
totoekallurrj 25e _ 

VMcuHLaMc 1 

toUrunaUiWfaftNL- 
toMtl-amai Mini 20c. 
Apr.toMlUHWpSOc. — 

— toVmeHeubEnXJSc 
— toMrmlSea 25c — 

— iFMouic Bmesi 20: . j 

— {VNontBrayReibL — | 

June NimFNsiili S Hill 50c j 

February iNih KalgaR .j 

May NPt.toOaUPidgt 50c ] 

— toDnerEipfn.Nl -I 

— toPm Ami Mmmg 25c ' 

— toFanccn|i25c _,,, ) 

— toPaiagc* Kn4ufr« NL I 
IParmga Mnp Erp 5o J 

On toPesaWalbm: 5tk..! 

toPriun Pei NL ' 

toPartnun Mmnj . ' 
toautmSJargjirtGoto. j 

toRegem Mmmj 20 c j 
Mima, 50c _ J 
leSjimon Eisfn NL i 
hrSOfn Gwi’ia l*L — * 

toStfin G Dial, rft . . J 

toSooinrm Pacific . J 

TEcajtnrm Rn . .1 

HSaulsm, VMiDrei 25t I 

toSpatgn EiP*a .j 

'SaaoKniOc .. J 
iTnuun Um>nn25t. * 
'UlCGoWlieinNL.. I 
towrnt Coayi 
DrcMinm M>nag5ft 

towhm Crrrt 20c 

WWingwi Hr. NL. ~~i 


f - 

fl 


Am 


October 


— n 

: S 


Mly 


LM 
Price j id 
60 I - 
413 rl3.o 
98 1- 
2E0 
M2 
iJ 
S 
« 

48 j 
103 I - 

78 I- 
l*e — 

Z7 

bd - 

56 - 

39 ! — 

79 ^eij 
642 — I 
SZ (- I 

161 1 133 < 
7 I 
<U I 

44 I 

U5 L. ] 
158 J«Jll 
78 3531 
26 JO. 4 j 

40 - 

199 L_ 

156 1- 

40 1 

221 uij; 
347 ]15J 
54 - 

16 l_ 

<3 I - 
52 1- 
4S7c.ll. 7 
25 I- ! 

12!=i 

17 i - I 
152 l - I 
17 1- I 

41 I— ] 

19 i — 

54 , — 
105 |- i 
28 ' - ; 
330*6 4 i 
578 l- i 
72 . - I 


Oh 

Net (Ctrl 

aizjol! 

-I- 


VTd 

Brt 


13 


*di!i 


H - 

tf* - j 

-* - 

g 3-7 j LI 

3 - ' 

Qoda.1 

wdU, 


14 


ci^rj 

It—! — I 

a?3d is I 

J _ I 

*3Z\ 

hClW 18 

r — 

03280 L9 
0L5c[ ZO 

—i — 

n-J - . 

~A - 


05(1 5.1 j 2 0 
n— I — I — 
MU7q 13>05 
flllc] 16.4108 


Tins 

Apr No* ]A*ri HiLm SU1 i 

July iGertbr I 

Jan Sew Cow no bmug MS050 1 
May Lkiioji i;, «p I 

Dec Aug,StaL>-aj Mng 10c I 

Drumbn iPeuuwjSlSl t 

5«*en*er Some, Bet, JM] I 

— iTaoiunq 15o.- ... I 

Oci JutyTrorouSMl .. ._ I 


155 >9 3 SOSOdO.T: t 
58 raj i _) - * ~ 
60 'W 3 I C5c — I 23 
75 36 < -1 - - 

63 3M0I friJ2a28 t 
lift % 13 wllOf - ! 23 
85 136 

100 O' SI I 

140 <13.51*045 


3 EE 

45J 05 1 : 


Miscellaneous 


— lAngto-Oontinim I 

— toCbtoy Res Core - i 

Aug. Feb.Lam. Murch Hfc .. [ 

— pEiwiri liu. Ji)Dp .! 

— GrrfiNftRr. . .. | 

— IHernlo Gold Mon .. | 

— toHigbupdil Rrt. _ I 

Fb Jon Ag NnWDoirrukr Mining SI ' 

— toMcFiniey Bed Lake. _ 

— toMuilo EiDlo-ailoir. 

lor Sjomj ResCJl 
ingateCSl ' 


-i-l - 


Jan. 

Jjn 


ravin 
toNeu 

]N«nit. 

iNor-QuM Resourcft.. 

iy|RT3 

July! Do TVpcU, 9M000 J 


Jut; 


U1 - 
76 -, 

240 '131 • oQbOcj 4 4 

59*;) — 

2BJ i- 
ClltJ- 
306 T- 
£22,* 129.1 
428 - 
98 
87 

540 (477 
312 L 

L10V.T10 

E211W710I 09i..s!isj:mA 


-i-\- 
020^ - JOS 


THIRD MARKET 


Slock 

them Graua IOd.J 395 
oAm PrtlDp.J 32 
Uhed Ins Broken... I 123 

) 

CmunBeecMOp—.j 
lEdemermg imtintM . I 

Egltnon Oil Ir8p. 

Do. Warrmd'. J 

PablKningHkJgvSii- 

te Holdings 

1WP- — - . 


iLm! 

Pnce 1 td I 


E 


58 f- 
U r- 
195 (- 
40 U 
26 L-. 
32 [= 
480271 
113 I— 


IH* 
Net I 
33 

LXsi 


! - 
HZ 


10 ( 

R4.b! 


NOTES 


Unless Mheralie btdlcjied. prices and net aindeeU are in pence and 
denominatlom are 25p. Esumaied pricheamlngs raikrt and uwen are 
based on latest annual reports and account* and, where aossude. are 
updated on hart-yearly Irgures. PiEs are calculated on "net*' d«rfl»ibii 
basis, earnings per share being computed do profit alter uuation and 
on relieved ACT where applicable; bracketed tens indicate 10 per 
cent or more dHierence H calculated on ~nir dhuTBoUon. Corns are 
Based on U matfmurf‘ distribution; Ud* compares gross dntdend costs to 
profit alter taxation, eidudmg ccepdonal prolnsrlossn but including 
estimated extent of disenable ACT'. Yields are based on middle prices, 
are gross, adunied 10 ACT oi 27 percent and Mlow lor salueoT declarer] 
distribution and rights, 
at "Tap Stock". 

* Highs and Laws marked thus hate been adiusied to aHow lor rights 

Issues for cash. 

Interim since increased or resumed. 

Interim since reduced, passed or deferred. 

TaiJree to non-residents on application. 

Figures or report awaited. 

Not oHiciall* UK lined; Dealings permitted under Rule 535(4Ka). 
U5M; not listed on Slack Exchange and company not subjeeed 10 
same degree ol regulation as listed securities- 
Deah ta under Rule 535(31. 

Price at lime ol suspension. 

Indicated dhidend after pending scrip amVor rights issue: cotrr 
relates 10 pretious dnrUend or forecasL 
Mrrger bid or reorganisation In progress. 

Not compar a ble. 

Same Interim: reduced Final and, or reduced famines indtoJtrd. 
Forecast dividend; amir on ram lugs upttnM by latest imenm 


♦ 

* 

♦ 

♦ 

statement. 

I Cover allows lor comenlonol snares n« now ranking (or dhtdends 
or ranking only lor icunaed dividend 
ft Cover don not allow (or shares which may also rank For dhnderel at 
a future dare. No P.'E ratio usually provided. 

B No par *akif. 

B.Fr. Belgian Francs. Fr. French Francs. M Yield batod on assumption 
Treasury Bill Rale stays unchanged until maturity ol stock- a AmuaUsed 
dividend, b Figures based on prospectus or other after estimate. 
C Cents, d Dividend rate paid or payable on pair ol capital, cater bated 
on ditioenc an Full capital, e Redemption yield f Flat yield, g Assumed 
dividend and yield, h Assumed Avid end and yield after scrip issue . 
J Payment from capital sources, k h'enra. m Interim lugnrr than 
Pro* tons total, n Rights issue pending, g Earnings based on prefimtoary 
llgvrvs. * Dhidend anp yield ritludr 1 special payment I InOiuud 
dividend; cover relates to previous dividend. P/E ratio bated on latest 
annual earnings. • Forecast, or Klwuied aramalited dividend rare, 
com based on previous year's earnings, v Subject 10 tocal ran. 
a Dnrttend cover in euess oi 100 limes, y Dividend and yield based on 
merger terms. 1 Dividend ana yield include a special paymmr Com 
does not apply 10 special payment. A Net dindend and yield. 
8 Preference deridend passed or deferred. C Canadian. C Mmunim 
tender price. F Dividend and yield based on prospectus or other offlciil 
estimates lor 1986417. G Assumed dindend and yield after pending 
scrip and/or rights issue. H Dividend and yield based on prosoectus or 
Other official estimates for 19S6. K Dividend and yifU based oa 
prospectus or other official rsiimaies lor 1987-88. L Estimated 
annualised dividend, caver and &e based on latest annual earnings. 
M Dividend and yield based on pnnoeaiis or other official estimates lor 
1988-86. N Dhidend and yield based on prospectus or other official 
rsiimaies lor 1987. P Figures Based on promeaus or other official 
esrimates for 1087. 0 Gross. R F Drews! anmuffsed dividend, com and 
pit based on prospectus or other 0IIK11I estimates. T Figures assumed. 
W Pro Foma figures. Z Dividend total to one. 

Abbreviations: as r* dividend; a n scrip Issue, «r n rights, a r> ap; 
<* ex capita* tflHributloa. 


REGIONAL & IRISH STOCKS 

The lortowmg is a selection oi Peg-onai and Irish stocks, the laser being 

Quoted «i Iriih Curr entry 

Albany Iiw20d I 

Craig & Rose U—J 

Finlay PkcLSs i 

HohUosl 25o 

toll Sul Q~ 


76 i 


£16 1 

-** 

77 | 

+1 

940 1 


108 1 

*2 


■Rl! 

FundllUHloea 
Nai. 9iiS64-’B9 


g 


aoo^j 

£987(1 . 






J7J 





125 

IS 


DoblmGas. 

... 

Henan HUg-, . 

Irish Ropes 

28 

IM 

405 



TRADITIONAL OPTIONS 

3>month call rates 


Indntriais 

Allird-Lyons., 


Arm trad 

BAT 

BOC Grp 

ESN. 


BTR 

Babcock 

Barclays. 


Beecham 

Blue Circle — 

Boots 

Bowaiers. 


Brit Aerospace. 


BriL Telecom 

Burton Ord. 

Cadburys. 



Glaxo. 


Grand Mru 
GUS 'A' 
Guattuan — 


HawkerS tod 
ICf 


Jaguar .. 
L, 


9 

35 
16 
47 
42 
12 
30 

19 

47 

48 
62 
25 
37 
56 
2D 
23 
22 
30 
29 
35 

20 
80 
18 

... 110 
_ 40 

... 100 

— ss 

— M 

... 15 

— SO 

— 80 


Legal & Gen.— 

Lev Service — 

Lloyds Bank 

Lucas Into 


40 

2S 

35 

48 


Marks i Spencer 

Midland Bk 

Morgan Grenfell .... 

A selection of OpUem traded it given oa Uu 
London Stock Exchange Report Page. 


NEI 

8 

55 

Nat West Bk 

PAODfD 

55 

P lessee 

20 

Poll* Peck 

20 

Rwal Elect 

20 


30 

sa 

Rank Org Ord 

Reed Irani 

42 


20 

12 

SS 



TSB.. 



Thom EMI 

50 

Truu Houses 

2D 

Turner Neteal). 

24 

ISO 

55 

Vickers 

Wellcome - 

50 

Property 

am Land 

17 

Land Securities 

30 

ME PC 

» 

30 

Dlls 

BOM ,, 

3)a 

60 

Brit PeLr oleum 


36 

Ctiarteriull . 

4 

Premier.. 

4 

Shell .. 

75 


Ultramar 

17 

Mines 


65 

24 


Rio T Zinc 

65 










42 


Financial Times Monday May 11 1987 

APPOINTMENTS 


Trade fairs and exhibitions: UK 


Current 

Business to Business Exhibition 
(01-729 0677) (until May 13) 
Barbican Centre 

Automated Manufacturing Exhi- 
bition and Conference — AUTO- 
MAN (01-891 5051) — Quality 
Assurance & Production In- 
spection Technology Exhibition 
1NSFEX (01-891 5051) 

NBC, Birmingham 

May 14-16 

Scottish Money Show (01-048 
5186) Scottish Exhibition Centre. 

Glasgow 

May 17-30 
Consumer 
(01-4S6 1951) 

May IB-21 

International Process -Engineer 
icg Exhibition (01-S55 7777) 

Earls Court 


May 18-21 
International Environment and 
Safety conference and exhibition 
(0727 51903) NEC, Birmingham 
May 19-21 

London Wine Trade Fair (01-637 
Kensington Exhibition 


2400) 


Centre 


Electrics Show 
Earls Court 


May 19-22 
Chelsea Flower Show (01-834 
4333) Royal Hospital, Chelsea 
June 2-4 
Heating, Ventilating and Air 
Condi tioni ng Exhibition — LON- 
DON HEVAC (01-705 6707) 

Earls Court 

Jane 5-14 
Fine Art & Antiques Fair (01- 
3S5 1200) Olympia 

Jane 10-11 
National Joint Utilities Group 
Exhibition and Conference 
(0923 778311) 

NEC, Birmingham 


Overseas 


Current 
May 8-13 

International Industrial, Auto- 
mation, Process Control Techni- 
cian and Equipment Exhibition 
CHINA INPROTECH 102403 
29406) (until May 131 Beijing 
May 17-20 

Busioess Efficiency Exhibition— 
BBE/OFEX (02403 29406) 

Hong Kong 

May 20-28 

International Technical Fair 
(spring) (021-706 6707) 

Budapest 

May 23-Jnne 7 

International State Fair (01-734 
9S22) Nicosia 

May 27-June 2 

International Trade Fair for 
Machinery & Equipment for 
Wood & Forest Industries— 
LIGNA (01-651 2191) Hanover 


June 9-15 
International Building Construc- 
tion Exhibition — CONSTRUC- 
TION CHINA (01-486 1951) 

Beijing 

June 22-26 
International Foundry Exhibi- 
tion (021-455 9600) Brno 

May 11-12 

Practising Law Institute: Foreign 
Investment In the United States 
after the Tax Reform Act of 
198Q (NY (212) 765-5700) 

New York Hilton 

May 11-15 

1SATA: 16th International Sym- 
posium on Automotive Tech- 
nology and Automation (01-680 
8659; Florence 


Business and Management Conferences 


May 11-12 

Practising Law Institute: Foreign 
Investment in the United States 
after the Tax Reform Act of 
1986 (NY (212) 765-5700) 

New York Hilton 

May 11-15 

ISATA: 16the International Sym- 
posium on Automotive Tech- 
nology and Automation (01-680 
8659) Florence 

May 12 

Institute of Directors: The In- 


conference 


(01-621 

Milan 


banking 
1355) 

May 18-20 

IMECHE: European congress on 
fluid machinery for the oil, 
petrochemical and related indus- 
tries (01-222 7899) The Hague 
May 19-20 

Campaign Marketing: The ad- 
vertising and marketing confer- 
ence .(01-680 7525) 

Royal Lancaster Hotel, W2 
May 19-21 


&l, Comp “ y SES!»: Rrtill Europe ^-87 (0734 


Executive )01-839 1233) 

116 Pall Hall, SW1 

May 13 

Longman Seminars: Defaulting 
debtors: how to avoid them and 
what to do if you fail (01-242 
4111) Cavendish 

Conference Centre, W1 

May 13-14 

Financial Times: The tenth FT 
World electronics conference 
(01-621 1355) 

Inn on the Park, W1 

May 18-19 

Financial Times: European 


794161) Novotel, London 

May 21 

Institute of Directors: Directors' 
responsibilities and liabilities 
(01-839 1233) 

116 Pall Mall, London 

May 27-38 

Crown Eagle Communications: 
International trade finance (01- 
242 4112) Tower Hotel, El 

May 28 

Tolley Publishing: CSR spring 
updating (01-727 3503) 

London Press Centre 


Anyone wishing to attend any of the above events is advised to 
telephone the organisers to ensure that there has been no change 
in the details published 


Parliament 


TODAY 

Commons: Debate on nuclear 
power and the Government's 
decision to approve the Size- 
well B power station. Motion 
(m industrial relations relating, 
to Northern Ireland. Motion on 
the Representation of the 
People (Variation of Limits of 
Candidates’ Election Expenses) 
Order. 

Lords: Irish Sailors and 

Soldiers Land Trust Bill, third 
reading. Register of Sasines 
(Scotland) Bill, third reading. 
Abolition of Domestic Rates 
(Scotland) Bill, third reading. 
Fire .Safety and Safety of 
Places of Sport Bill, considera- 
tion of Commons amendments. 
Motions on financial services 
orders. Unstarred question on 
the law covering horseracing 
on Sundays. 

Select committees: Environ- 
ment — subject: pollution of 

rivers and estuaries. Witnesses: 
Royal Society for the Protect- 
tion of Birds; Lord Bedstead, 
Agriculture Minister of State. 
(Room 20, 4J30 pm). Foreign 
Affairs— subject: South Africa. 
Witness: Chief Mangope, Presi- 
dent of Bophuthatswana (Room 


15, 4.30 pm). Public Accounts 
— subject: courts and prison 
building programmes; employ- 
ment of works consultants by 
government depar&nents and 
health authorities. Witnesses: 
SLr Gordon Manzie. Property 
Services Agency. Sir Brian 
Cubbon, Home Office, and Sir 
Derek Oulton, Lord Chan- 
cellor’s Department (Room 16, 
4.45 pm). 

TOMORROW 

Commons: Dartford-Thurrock 
Crossing Bill, second reading. 
Motions on the Parliamentary 
Constituencies (England) (Mis- 
cellaneous Changes) (No 2) and 
(No 3) Orders. Opposed private 
business after 7 pm. 

Lords: Conveyancing Services 
Bill, second reading. Criminal 
Justice Bill, committee. Deer 
Bill, committee. Crown Proceed- 
ings (Armed Forces) Bill, third 
reading. Parliamentary Health 
Service Commissioners BUI, 
third reading. 

Select committees: Parlia- 

mentary Commissioner for 
Administration — subject: re- 
ports of the Commissioner for 
Administration for 1986. Wit- 
ness: Mr A. M. W. Battishill, 


chairman of the Board of 
Inlan d Revenue and officials 
(Room 5, 4.30 pm). Committee 
on a Private Bill — Harwich 
Parkeston Quay (Room 6, 
1030 am). 

WEDNESDAY 

Commons: Lords ann»ndnign tB 
to the Abolition of Domestic 
Rates (Scotland) Bill Remain- 
ing stages of the Criminal 
Justice (Scotland) Bill. Motions 
on the Lord Chancellor's Salary 
Order. 

Lords: Debate on measures 
to protect the countryside. 
Debate on the problems of 
privatisation without competi- 
tion. Crossbows Bill, committee. 
Motor Cycle Noise Bill, second 
reading. 

Select committees: Employ- 
ment — subject: Manpower Ser- 
vices Commission corporate 
plan 1987-9L Witness: MSC 
(Room 8, 4.15 pm). Home 
Affairs — subject: regulation of 
DBS and cable TV. Witnesses: 
IBA; British Satellite Broad- 
casting (Room 5, 4J5 pm). 
Public Accounts — subject: Incor- 
rect payments of social security 
benefits; unemployment and 
social security benefits— fraud 


and abuse. Witnesses- Mr C. 
France, DHSS, and Sir Michael 
Quinlan, Department of Employ- 
ment (Room 16, 4J.5 pm). Social 
Services — subject: problems 
associated with AIDS. Witness: 
Rt Hon Nonnan Fowler MP, 
Health and Social Services 
Secretary (Room 21, &15 F 
Joint Committee on Consol 
tion — subject: Conveyancing 
Services. Bill. Witnesses. Mr 
P. F. Knowles, Deputy Parlia- 
mentary Counsel, Mr P. 
Jacob, senior legal assistant 
Lord Chancellor's Department 
(Room 4, 4.30 pm). Committee 
on Private Bills — London 
Underground (Goodge Street) 
and British Railways Bin (Room 
9, 4 pm). 

THURSDAY 
Commons: Local Government 
BiU, remaining stages. 

Lords: Immigration (Car- 

riers Liability) Bill, report. 
Criminal Justice Bill, com- 
mittee. Notions on Northern 
Ireland Orders. 

FRIDAY 
Commons: Debate on small 
firms, on an adjournment 
motion. 


Finance 


The following Is a record of the principal business and 
flnnnt»i»i engagements during the week. The board meetings are 
mainly for the purpose of considering dividends and official 
indications are not always available whether dividends concerned 
are Interims or finals. The sub-divisions shown below are based 
mainly on last year’s timetable. 


TODAY 

.... M 

Aberrant. S 
LNOS. 3 OO 
Alexandra Workwaar. Savor Hotel. Strand. 
WC 12-00 _ . 

Antler. North Court. Paddngton Park. 

near Meriden, WarmrieJatrtr*. 3 JO 
Edinburgh oil A Gas. 10 Coats Crescent. 
Edinburgh. 11,00 

Cold A Base Metal Minos, Eoworth 
Horn. 25-35. City Road. EC. 12-00 
Gragga. Goafortii Pane HoM. HMi eas- 
tern, Newcastle- upon- Tyne. 11.45 
Hunting Petoleum. Bo-rater Hone East. 
60. KlXsh (abridge. SW. 10.00 
La pax. Savov Hotel. Stand. WC 1240 
Matthews (Bernard). Maids Haad Hotel 
Lome. Savov Hotel. Strand. WS. 12-00 
Merchants Trust. 10. Fanehuich Street. 
EC 11.45 

BOARD MEETINGS— 

Hnaisi 

BlRoo (Petty) 

Catalyst Communications Grp 
Ford (Martin) 

tX^J. CO 
Soulrrd Horn 
UEI 

Utd Friendly Insurance 
UTC Grp 
(atari mu 
Clrtapnnt 
Concentric 
Diploma 

TMD Advertising 

DIVIDEND A INTEREST PAYMENTS-— 
Baataon Clark 5.2p 
Blanchards I.BSp 
Britannia Security Grp 0.72 b 
B ryant (Derek) 2p 
Church & Co 7p 

Citicorp 67 J cts 

Citicorp Overseas Finance Con* 10*iPC 
Gtd Nta 11/5 /go Shape 
European Heme Products 2Jo 
First Chicago Cora Fltfl Rate Sub Cap Nt 
Fee 1997 3162-73 
Gent (S-Ro oJ55p 
Gnnas-Larson Shipping Cora 12eta 
Leu ml Intnl Investments Gtd Fttg Kata 
Nts C 1307 S36-B 
London Park Hotels «-3p 
Lonrho Finance BhacCnvBdi 2000 line 
Lows Howard-Splnk S> Ml 53p 
M6 Cash p Carry ZA9p 
Macro 4 1.125a 

Midland) ttankSubora Fits Rata Nts 2001 
£138-37 

Miss World Grp 4-Sp 

NadonwMg a tag Sac Fits Rata Nts 1996 


(2nd SeO £44-32 

Oliver 1 George] (Footwear) 8.02p. a Nob- 
Vtg B.t» 2 p 
P 0 O DM 11 jp 

POChln’t 4p 

Ransomes Sima A JeffarMa 435p 
Refuge Grp 10.75p 
Second Market I nr DJ3» 

Sirdar I.SSp 

Swedish m. tea A SKr 12J5. B SKr 123 

Tecs TV A^Non- Vtg 15p 
Wataa City of London Proda r tlaa 1 .T7p 
Wrt^fttrgo Fits Rata Sub Can Nts 1990 

World of Leather 3p 

COMPANY 

AmBrit Irrtnl. 3d. Park Street. W. 12.00 
BICC. Centre Point. 103. New Oxford 
Street WC 12.00 

Blackwood Hodge: Butchers* HalL B7. 

Barttiolomew close. EC. 11.00 
Brederp Properties. Queen Elizabeth Con- 
ference Centre, Broad Sanctuary. West- 
minster. HAS 

British Aerospace, Ravel Aeronautical 


Society. 4. Ha ml ton Place. W. 3.00 


Whitbread 
EC. 12.00 


B unzl. 

M,H ' 
Grp, 


London Finance and lav 
.City Road. EC 12-00 

iSfo 


ttwell 


25-35, 


Minster House, 
Centra Hans. 


Monument Oil and 
Arthur Street, EC. 

Smith A Nephew. Groavanor House Hotel. 

Park Lane. w. n.ao 
Teiiei. 01 . Cj-rer Lane. EC 12.00 
BOARD MEETINGS— 

Finale 
Burton Grp 
European rnrriee 
Hunting Asad mds 
GT M an aaament 
Kingsley and Forrester Grp 
Mactellan (P and W) 

Rsjiko Oil Serylca a 
Rundman (Walter) 

Sears 

Stylo 

DIVI DEND 4 INTEREST PAYMENTS — 
Abbpycrest 13p 
AUda Hldga 5.75p 

SA^Bnbord Fltg Rata NtS 19B6- 

Bream (Chortle) Car Part Centres Up 
Chase Man batten Cora Pltfl Rats Subord 
NtS 2000 St 6039 
COns Gold Fields g.5p 
Export-Import Bank of Korea FUa Rate 



the difference 
is Irving Trust. 

And this difference is the more than SO years' experience tha t 
translates into reliability, responsiveness and a customized- 
service capability that sets Irving Trust apart from everyone 
else. For more information, contact Ralph A. Marinello, 
Global Business Manager, at Irving Trust, One Wall Street, 
New "York, NY 10015, 212/635-8966. Other offices located in 
London and Tokyo. 



Irving Bank 
Corporation 


Irving Trust 


Ns» 1995 S317JB 
Ingham (George) 1-Sn 
Jacob (W. A RJ d.7p 
London * Strathclyd* Ttt l.lp 
RBC Far Eaat & PacHte Fond Pte Rod Pf 
SO-03 

SKF AS B (Nan-Renrlcttd) SKr 11. C 
JKon-Rpatricted) SKr 11 
Telfos 2.1 Sp 

WEDNESDAY MAY IS 

COMPANY MEETINGS 

A mart, sandown Park Rac ecou rse. Ports- 
mouth Road. Eshor. Surruv. 12.00 
BTR. Hilton Hotel. Parte Lane. W. 12-00 
Brent Chemical*. Sheratons Skyline Hotel. 

Bath Road. Havas. 12.15 _ 

British Kidney Patient Assoc. Inv. Ttt- 
2&. Finsbury Square. EC. 3.00 
GKN Inter-Conti cental Hotel. . 1, 

Hamilton Place. Hyde Park Comae, W. 

11 AS 

Jamesons Chocolates, Willoughby Lane, 
Tottenham, n. 2-3 a 

Jonas A Shipman. Narburaogh Road 
South. Lei caster. 2.00 
Legal and GenaraL Temple Court. 11. 
queen Victoria Street. EC. 2.x. 
Nwey Group. Sadgloy Road West. TUMan. 
Weat Midlands. «.oo 
Smrax-Sarco, Quean's Hotel. Cheltenham 
34)0 

Sim Life Assurance Society. Goldsmith 
Hill. EC. 12.00 

Sutherland IE-TJ. Red Uon Hotel, 
Worksop Road, near Sheffield. 1 1 .OO 
Ultramar. Savoy Hotel. Strand. WC. 11.10 
Usher (Frank}. 79. Welle Street. WC 
12.00 

WoUtenhotme Rink. Last Drop Hotel, 
Bromley cress. Bolton. 12J10 

BOARD MEETINGS 

Finals: 

Anglo American Coal Cpn 
Comprehensive Fin Sorv 
Hands non Grp 
Land Sea 
lutertms: 

Comm l Union Assurance 
Whcssoe 

DIVIDEND 0i INTEREST PAYMENTS— 
■ BA Grp 1-5P 

Bankers Trust Inti Capital NV Gtd Fils 
Rate Subord Nta 1996 SI 65.33 
Interflrst Taxis Fin NV Gtd Fltg Rate 
Nts May 1989 si 63.33 
Jamesons Cbocoisf.es 4p 
Korea Exchange Bank Fite Rate Nls 2000 
S326JI1 

National Westminster Finance BV Jemor 
Gtd Fltg Raw Nta SI 63 A 
Picard era 4p 
Scttoles (George HJ 4Sp 
Tay Homes 1/770 
Teoar. Korolev A Mlllboorn D5p 
Treasury SpcStk 1991 Upc 
Wells Fargo & Co Fits Rate Sub Nts 
Feb 1997 SI 65.33 
Western Mining Carp HMfts AS 0.04 
THURSDAY MAY 14 
COMPANY MEETINGS — • 

Appleyard Parkway Hotel, OHtf 
Leeds. 3-00 
Aurora. Cutlers' Hall. SbaffleM. 1230 
Blllam (JJ. Baldwins Omega. Sheffield. 

1 2.00 

Black (A. A «. 35. Bedford Row. WC 
WiST? 1 Hotel. St Mary 

British MOhal?. Victoria Hater, Bridge 
Street. Bradford. 12 no 
Campari Intnl. - International Houm. 

Pri enter Way. . Staples Gamer, ftW. 
12-00 

Capital A Rag tens! PmueiUe s . Gorina 
Hotel. Beeston Place. SW. _ 12.00 
Clayform Praoerifes. ChestefTSd HotaL 
Ch arias Street. W. 1 1 .30 
DRG. 1. Rede 1 1 Be Street. Bristol. 122)0 
Daniels (SJ. St BetolphV Kali. BMiops- 
gate Churchyard, Blshegsgate, EC 1 2 . 0 fi 
Davidson Puarce. Hyde Park Hotel. 
Knlghtsbridge. SW, 12.00 
Iceland Freaan Foods. Second Avenue. 
D reside Industrial Park, Deeslde. Clwrd 

1 " Port House, Bra m houe. 12J50 

Royal Society of MadWnt. 


Clifford's Dairies. Balcony 1 
Grandstand. Ascot. Berkshire. 
Tuff OIL Royal 
Pan Mi«. SW. ' 


FRIDAY MAY IS 
COMPANY MEETINGS — 

AAF. 43. Fettor Lane. EC. 1030 . 

Ash A Lacy. Birmingham Chamber _ 
Commerce and Indurtry, 76. Harborne 
Road. Birmingham. 12.60 _ „ 

Bowater industrial. Botchers flail. 17, 
Bartholomew CIosa EC. 11.00 _ 

Cambridge Electronic Industries. Bprber- 
Surmons _HaU, Monkvrell square. Wood 

Restaurant, 

11.30 

Automobile Club. 89, 

12-00 

Werwent Valley Htegs. Darrants Hotel, 
George Street. W. 11-00 
Ohrid* Heel. Crest Hotel, niton 
Ham Brook. Bristol. 12.00 

i¥Sk 

Gibte and Dandy. Comorco House, Stuart 

Street. Lmon. 1 1.30 

Hail (Matthew). 7. Baker Street. W. 12.00 
Kennedy Braokat, Maxim’s de .Paris, 
Oarevllle House. 31-35. Panton 
W. 10 JO 

Lee Kafrigerattoo. S hr f p ney Works, lognor 
Regis. Went Sussex, 1 1 JO 

Meal Closures. Bromford 

Bromwich. 12-00 
PMcom CBI Centre Paint. 1QX Now 
Oxford Street WC. 1UD 


Scenro. 


North Tvne Industrial 


Tymtf’ 12JOO 

Scottish Herfable.Trast,^ Rmral York Hotel. 


nance Trust 4HpcDb Red after 15JSJ56 


Road. 


Station Rood. York. 

Wilson (Connolly). Norths mptoo Moat 
House. 12.00 
BOARD MEETING — 

Fteati 

Top Value Inds 

DIVIDEND A INTEREST PAYMENTS — 
Agricultural Mortgage Carp SttpeDb 1905- 
1987 time 
Alliance Tna 

2UpC 

American Trvrtt BtipeDh 1982 87 3lPC 
Antofagasta HI dpi 73Sp 
Artmtnnot Dollar Income Trust Ptpg Red 
P) 50.025 

Aradtage Bra*, 7ltpc1StMtgDb 1905 90 

3p 

Aurora 1^5p 

Barclays Bank BlmcLn 1906-93 4;; 
16 pcU> 2002-07 lac 
A- ante (James). 6\pclstMtgDb 1900-80 
sioe 

baazer (C.H.) 1.7Sp 
Birmingham District Covndl llbpc 2012 
Stipe 

Bora-Warner Z5cts 
British SMac 6pcOb 1905-90 Spc 
British Vita 3-7p 
Brunswick Core ISCIS 
Canadian PacHlc 
198® 583.31 25 
Chase Manhattan Cora 54CtS 
Clifford's Dairies So. A NOPlVtB 5p 
Colgate- Palpjollve 34cts 
Commercial Union Aasarsnoe 7 -Bp 
Conversion IOpc 1996 5pc_ 9bpC 2006 
4'%pc 

Courtney. Pope (Hldgti USp 

oS wn t < ^Stey*jf|dp».3^25p 

Edinburgh American Assets Trim SpeDta 
(1055 or after) 2bpc 

1996'6^PC '*r ... 

Eapamet Intnl AriSo • -'ri • 

FAC AlUance In* TM BpdM 2.1 P 
Forth Ports Authority 3\pc Funded Debt 
IUmPC 

Future HUBS 6J15P 
Gibb* A windy Sp. ... „ _ 

Glasgow Cora Upclredstk Gas 

6Npc_Amj Stic (Perp) Hpc. Gas 9pc Ana 

2pe 
HOC 


Shoe Can Trust Ids 


Jerome (SJ. Port House, 

Lodge Cere. Royal Sodi . 

1, Wlmpoie Street, W. 12.00 . 
Newman Industries. Brown’s Hotel. Dover 
Street. W. 12.00 . 

Portals. Sasor Hotel. Strand. WC 1230 
Ruberaid. Dorchester Hotel, Park Laae. 
W. 12-15 

Shell Transport and TraiBng. Shell Gemr*. 
sc. 1131 

BOARD MEETINGS— 


Hall __ 

Hamlyn 


External Inv, Ttt 
Foster (John) and. .Son 
Gerard aad Natl Hldpa 
Grampian TV 
Lomoo Atlantic In* T« 

MeHerware Intnl 
Thames TV 
Whitbread In* 

Interims: _ 

English China Ctays 

Grand Met 

Royal Insurance .. 

SaahcM. and SaatcM 

DIVIDEND A INTEREST PAYMENTS— 
Alva Inv Tit Ug 
American Tst 2.15a 

Bank of Scotiand ( G ovemcr & Co oO Und 
FKg Rate Prim Cap Nts 531 7 JB 
Blllam CJJ zap 
Brent Chemicals Intel 30p 
Britannic AiMirenre 24 JJd 
B ritish Kidney Patient An In* Tft 6JSp 

Candover Invs 5p 

Cement- Roadstone 2A3o 


Chambers 0 F argot Ip 
Forsta Searbankap Sute-rd 
1990 6160^6 


1937-97 2hpc 

Hambrei Inv fit SpcPf 1.7Sp 
Inter American Development Bank 9*d>C 
Ln 2015 4Umpg 

Investors Capital TO 4pcOb 2pc 
KMnwort Smaller Companies In* TO 6.150 

JjQdg^ CSFP 

Matthews (Bernard) 2JSp 
Rubereld B.lo 

Scottish American Inv *pclrrdDt> 2oc 
Scottish Eastern In* TO 4pcDb (Red) 2pC. 
4 pc Pare Db 2 k . 

Scottish Mortgage & Trust 4J*pclr*tiDfa 
SIflpC 

5*s sssa? fissr w 

Sommarariie 0 (WIIBanO SpcPf 2.1 p 
Standard Chartered 223* 

Standard Lila Assurance SpcPerp 2>spc 
Sumlt l^2ss 

TR^hKftistrial A General Ttt 3%pcDb Red 

The Times Veneer 0-5p 
Tremiury 3oc 1BB9 ihpc, IZWpcLn 1995 

IMrayel 4 4pcRadDb . 3 Jpc 
U nited Wire Group BpcPf 1.75p 
Warner Communications lOcts 
SATURDAY MAY IS 
DIVIDEND A INTEREST PAYMENTS— 
^ cv Bhort 

$»? SUZSZFS- Gtd Fite 


Rate Nts 199B S31Z.B1 
Fite Rate Nts Svensk Exoortkradlt AS 
1992 S505JB 


Ftte Rate Nts 


4A * 

WMstenhalme Rbik C JSp 


SUNDAY MAY 17 
_ OiyipjEN p > INTI RJCT PAYMENTS— 
freaoa IILk Gtd Ser La 
2009-12 5toC 


THE FT TENTH 
WORLD ELECTRONICS 
CONFERENCE 

London, 13 & 14 May, 1987 

For Information p i se s * iwtun Ms MttmtHonmtt. 

waettmrvHth your bus k mu cart, tor 

TEprp Financial Timas Confaranca OraanlsaUon 
Jr 1L MnwterHoosq,ArthurSfrest London EC4R9AX 

or talsphone: 01-62] 1355 Woxs27347 F7CONFG. 
fax: 01-623 8814 


Treasurer for 
Barclays Bank 

Mr Peter Wood has been companies are part of SHK’a 
appointed a general ^ m«ia3yT grocery division. 

^nt^STdiastalr Rob imm, 

regional general manager, Asia, appointed » Angela Hau as 
becomes general manager with marketing director. She was 

responsibility for personnel marketing manager. 

from June 1. Mr Christopher * 

HavUsnd has -been appointed Mr Stewart Duncan has been 
regional general manager, Asia, appointed ^ imaging director of 
from June 2- He is a director of UNITED TRANSjPOHT LINE, in- 
Barclays de Zoete Wedd and vnH house shipping line for United 
retain a responsibility for BZW Transport Co m pany’s container 
offices in Asia. operations,. He was operations 

★ director Europe for United States 
The following have been Lines. 

appointed to The board of " 

UNIONAMERXCA MANAGE- Mr Stanley Thomson, executive 
MENT CO: MrW.E. Thiele, Mr director of finance with the Ford 
J. EL Loynes, Mr M. D. Haber, Motor Company, has been elected 
Hr P. J. Cooper, Mr H. B. Jago, president of the CHA RTER ED 
Mr G. & Jones: and to the board ASSOCIATION OF CERTIFIED 
of Continental Reinsurance ACCOUNTANTS. 

Management Co: Mr Ihlele, Mr * 

NTH? H. O. Harley. Mr J. H. NOMURA INTERNATIONAL 
Loynes, Mr Haber. Mr M. A- J- has promoted Hr Nigel Forrest 
Hayden, Mr Jones, A. H. t0 associate managing director. 
Wlthenby. Mr J. 1C. Sinclair has He was an executive director In 
been appointed casualty treaty the corporate finance depart- 
underwriter for Contine ntal Re- ment. 
insurance Corporation (UK). ★ 

Mr Mai* WyclmhM awolnt^nwn^Jng 1 * iirecto^of 

appointed ^ctor of A LEISUR eTIME • INTER- 

* G Xh NATIONAL. He is chief execu- 

uv. o< WorMria. im, 

^Tr- apP S^r Sai: H a w Ct0 m£ Mr Hlehard EL Davey Is to join 
SEAC, another suD- LYNCH EUROPE as 

SfsaKVSL'TraSS 

^JrtiSaivMoa of Bostik. R.™. b«rt « Exco 

Mr Richard W. Hasson has ^ 

been appointed sales director at At AMERICAN EXPRESS 
MELLAND AND COWARD, travel related services, UK & 
Stockport part of the textile Ireland, Mr Urn Wilson has been 
division of Whltecroft He was appointed vice-president finance 
finance director. and planning: He was vice-presi- 

. ★ dent treasury Europe, Middle 

Hr Geoff James has been - East and Africa. Mr Ian Johnson, 
appointed director of ma nufa c- vice-president finance and plao- 
-turing operations at VICKERS ning, has become vice-president 
SHIPBUILDING AND EN- and controller TBS EMEA. 
GINEEring. an operating sub- ★ 

sidiaiy ofVSEL Consortium. He THOMSON COMPONENTS 
was manufacturing director and has appointed Mr Ernie Posey as 
deputy managing director of mana^ng director. 

British Rail Eogineering. * 

★ Mr Martin Watts will be 
The BRITISH PLASTICS appointed t o th e board of 

FEDERATION has appointed HARRIS QUEENSWAY from 
Mr David Beynon, group director July L He Is a founder director 
of the ICI chemicals and and managing director of 
polymers group, as president Olympus Sport International. He 
w is also retail and marketing 

CHASE PROPERTY HOLD- director of the British Shoe Cor- 
INGS (Wingate Property Invest- p oration, a part of the Sears 
ments) has appointed Mr Group. Overall responsibility for 
Geoffrey Salman, Mr Tim Aleock, the operating companies within 
and Mr Tony Gibb, as executive the Harris Queeusway Group 
directors following the disposal will be divided between: Mr 
of their interest in Pengap Peter Carr: furniture, electricals 
Estates. and Harveys Furnishings; and 

★ Mr Watts: carpets, Pound- 

Mr DoiUn has been stretcher, Hamleys. and Home 

appointed manager of the avia- Charm, 
tion division of BP OIL. He sue- * 

ceeds Mr Eric Reed, who becomes MONKS & CRANE has 
eneral manager, aviation sales, appointed Mr John Phillips as 
JP North America Petroleum Inc. group sales director and Mr 
Mr Dollin was manager, strategy Tony Mercer as marketing and 
and planning, Air BP Inter- contracts manager. 

D&tUnuiL " 

H* Hr Way yi ff BftgMfrQCTCh bftS 

Mr, R. L Jtraad has . been ^ 
appointed si director -of THE CCL^ -FINANCIAL CSROUP and 

PmMUTTr CO, a member of the “ sal w„ diliect ?' 

ance. He was managing director 


Portals Water Treatment Group. _ , .. . 

He will continue to be respon- ^Ariington Igab ' winch has 
slhle for Pennutit industrial toeett *«)uired bv CCL. 
division. 

* 

The technical director 
THORN San, Dr Keueth Gray, 
has additionally been appointed 


Mr Caul F. Boyle has been 
appointed chief executive of 
** ANTIGEN. 

★ 

Mr Malcolm J Bay has been 


executive ch a i rm an, Thom Soft- foundries division of BIRMZD 
ware. . QUALCAST. He has joined from 

w o.j. . . Catton and Co and succeeds Mr 

Mr Sidney Spiro has been Terry Davies who will continue 
appoi nted a non-executive direo- as executive ehain u wT in 
tor of FIRST SECURITY GROUP. ★ 

. Mr Graham Parrel*, chairman 

Mr David. Carter has been and ipiraging director of Parrett 
appointed director ln charge of. and. Neves and. Its subsidiary, 
Private Label Services, and Mr Associated Kent Newspapers, 
Suxm Jones becomes director in has been elected pre siden t of 
charge of RHM Exports. Both the NEWSPAPER SOCIETY. 


^EU ROMONEY 

(onferences 

SEMINAR PROGRAMME 

London 

20-21 May International Portfolio Management 

1- 2 June The 1987 International Equities 

Seminar 

10-11 June Country Risk Analysis 

23-24 June Interest Rate and Currency Risk 
Management Workshop 
30 June-1 July Debt/Eqully Swaps 

New Yoi* 

18-19 May Interest Rate Risk Management 

2- 3 June International Financial Law 

25-26 June The Global Debt Strategies 

Conference 

For registration details, please telephone: 

Judy Kynnersley on 01-286 3288 or Telex: 8814985-6 


Deftafe America Sale 


Now more places for less. California. Honda. Alaska. Canada 
Hawaii. Mexico. And points in between. name it Delta 
gets you there. The Delta route system now covers all of 
America, from border-to-bordei; from coast-to-coast 

In all. Delta and “The Delta Connection*" serve over 
230 destinations worldwide. 

Discover America Ewe, as low as $237 (US.).VkIidfor 
three flight segments to as many as three cities, within the 
continental U.SA, depending on itinerary. Additional flight 
segments are available, up to a maximum of 12. Certain sur- 
chaiges will apply for have! to or from Alaska, Mexico or 
Hawaii. Fare valid through March 31, 1988. 

Delta Standby Travel USlA. Fare, from $389 (USX Enjoy* 
30-day unlimited standby travel in the continental USA 
60-day unlimited standby travel is also available from $479 
(US). Fares are valid through December 31, 1987. 



Delta Xfeit USA Fare. From.25^ off regular Coach feres for 
travel in the USA, (except ATa-qfeq) Ann iTjmj y fpi LfoBd tfrwQf f tffi - 
March 31 , 1988 . 

Check for details on advance purchase, length of stay 
and other quafifications.'Eansatlantic travel not included. 
Fa^^do not indude US Federal Inspection fee equivalent to 

Delta flies nonstop from Ermfcfurt to Atlanta and Dallas/ 
Rmxth. Check for low APEX feres (Advance Purchase Ex- 
cursion FaresX 

Can your ‘Bawd Agent Or call Delta in Rankfart on 
069 2560 30, in Munich 089 12 99 061, in Stuttgart - 
07112262191. ' ^ 

_De3ta Ticket Offices are at Friedensstiasse 7, 6000 : 
RanWiirt/Main. MasfmflEanspfetz 17, Munich, Kbenxgstxasse 

IB, StUttgai^ M Cm anlsdbed(tfessrt8ecttei±8iigswU)iMno<b0. ~ 
De&aJhe Airline Run By Professionals.* 



43 




.;v 'i 
'Uv 




Financial Times Monday May 11 1987 


WORLD STOCK MARKETS 



INTERNATIONAL COMPANIES AND FINANCE 


Henderson 
to raise 
$106m 

By Our Financial Staff 


HENDERSON Land Development, 
the Hong Kong property group con- 
trolled by Mr Lee Shau-Kee, is to 
raise HKS831m (USSlOSm) through 
a share placing - mainly on over- 
seas markets - to fund purchase of 
additional properties and sites. 

Analysts viewed the move as sug- 
gesting the company would become 
more active in forthcoming land 
auctions. A forthcoming auction on 
May 29 is due to see the sale of the 
Old Fire Station ate in central 
Hong Kong, the only major site in a 
prime location that is expected to 
go on the block this year. 

Baring Brothers, which is co-un- 
derwriting the placement, said that 
Henderson Development (HDL), 
which is Henderson Land’s controll- 
ing shareholder, has arranged to 
place with institutional investors 
131Jhn of the shares it holds in the 
company. 


CANADA 


AIG posts big gain 
in first quarter 


BY OUR NEW YORK STAFF 

AMERICAN International Group, 
the leading US international insur- 
ance company, made S207.6m or 
SI.27 a share in net profits during 
the first quarter of 1987, 67 per cent 
up on the S 123.9m or 77 cents it 
earned in the previous year. 

While AIG's strong performance 
mirrors the big improvement in un- 
derwriting performance throughout 
the US insurance industry, it also 
maintains the company’s tradi- 
tional position at the top of the in- 
surance profitability league. 

AIG specialises in underwriting 
unusual risks and innovating new 
types of insurance cover through a 
very wide international spread of 
insurance companies and agencies. 

Its operating profits from proper- 
ty/cesualty business were 5132m, 
121 per cent up on the year-earlier 
level, on net premiums written of 
SlJftbn, 33 per cent up. In compari- 
son, Aetna Life and Casualty , the 
largest US insurance group, recent- 
ly reported general insurance op- 


erating profits of S133m on prem- 
ium of SiSbh, or double the value of 
business written by AIG. 

The loss ratio in genera] insur- 
ance was 8123 per cent and the ex- 
penses ratio was 16.36 per cent, for 
a combined ratio of 100.59. This 
compared with 10323 in the first 
quarter of 1986. Investment income 
from the property/casualty opera- 
tions increased by 34 per cent to 
5154m. 

The life business also performed 
strongly, with pre-tax operating in- 
come of 5702m, up 172 per cent and 
premiums written of S543m. 38 per 
cent higher than the year before. 
Agency and service operating iiv 1 
come was up 18 per cent at 510.9m. 

The company’s net profits be De- 
fied from a reduction of about S30m 
in tax provisions, as a result of the 
new provisions introduced in the 
1986 Tax Reform Act. This was 
partly offset by adverse changes in 
the taxation of foreign income. 


puts loss 
at $275m 

By Our Financial Staff 


MERRILL LYNCH, the US broker- 
age firm, said its recent trading 
losses in mortgage-backed securi- 
ties. which caused a big reshuffle of 
senior management in its world- 
wide securities trading operations, 
will total about S275m. S25m more 
than previously reported. 

The loss will result in a S275m re- 
duction in pre-tax earnings, Merrill 
Lynch said. Last month when the 
company first revealed the losses - 
caused by unauthorised trading by 
one of its leading bond dealers - it 
said it did not expect a loss for the 
second quarter due to earnings in 
other areas. 

In a filing with the US Securities- 
Exchange Commission, the compa- 
ny said positions and related 
hedges connected with the loss had 
been substantially liquidated. 


High law Bow Ctag I Sate Sack 


TORONTO 

Closing prices May 8 

4572 AMGA M $10% 10b «R» + % 

195 AUtM Pr S3S<2 35% 35% -% ; 

5580 Agrtieo E MO 38b 40 + % 

179145 AJbrta En £22 21 21b +3, | 

1800 Albrta N $14% 149g 14% +% 

197581 Alcan $41% 40i« 40% ■ -1 4 

10 Alga Cant $21% 21% 21% 

48227 Algoma St 118 15 18 +1% 

39900 Aaamara $14% 14% «% 

49317 Ales I t 5101% 103* ial. 4-% 

3500 AKO 0 $11 10% 11 +% 

1900 BC Sugar A $28% 26% 28% - % 

7350 BGR A $13% 13% 13% -% 

6060 BP Canada $46 46% 48 

6600 BanMtarC 110% 10% 10% -% 

53638 Bk BCoJ 86 65 « 41 

85371 Bk Mond 134% 33% 34 +% 

43906 Bk NScw 116% 16 16% 

111288 Ball Can $41% 41% 41% +% 

142352 Bow Valy $20% 20 20 +% 

24000 Bmtame 17S 180 T75 415 

5120 Bramafea $24% 24% 24% 4% 

46880 Breaou A 138 37% 37% 4% 

35000 Brkwanr 110% 10% 10% -% 

3«00 Brands M 112% 12% 12% 4% 

98836 BC Fort* 119 18% 18% -% 

14256 BC Ms 12S 121 121 

17593 BC Pltons $28% 28% 28% -% 

86300 Bnmswk $161; 18% 18% 4% 

62025 CAE llt% 11 11% 

38700 CCL B I 1137a 13% 13% 4% 

100 Ctt 128% 28% 28% 4% 

25025 Cambridg 127% 26% 27 

2902S Camp HLk 142% 41% 42% 4% 

5320 Camp Ras 325 320 320 -5 

901 Camp Soup 120% 20% 20% 

29670 Campaau 1 $39 38% 38% 

1850 CGm» ea p 115% 15 16 

30*39 CSC f 6107a «% 10% 4% 

800 Can Man 121% 21% 21 % -% 

2S211 C Mor Waal $22% 21%_22% . 41% 
180B0 C PaCta* 117% 17%' 171*“-% 

WOO CS Pata I 15 495 495 -17% 

729 Can Trite ■ MS 67% 67% -% 

640 Cdn QE 121% 21% 21% 4% 

1501 CG Invest SS2 51% 51% -% 

72499 a Bk Cam $21% 207a HP, 

9000 C Marconi 119% 19 19% 4% 

7578 C Oedema! $371, 361, 37 % +% 

581989 CP Ltd *25% 24% 25 -% 

496888 CTk* A » $1«% 14% 147, +% 

22809 CUM A I 1197, 18% 197, 

1800 CUW B $19% 19% 19% 4% 

40525 Cantor $81 30 31 4% 

SOM Cara 112% 12% 12% 

1000 Cm A t 112% 12% 121, 

4375 Cart OK 118% 18 18 

27811 Carina A 13% 1Z% 12% -% 

8129 C atena te 121% 21% 21% -% 

8550 CsntFd A 19% 9% 9% 4% 

330 Cantd Tr *21% 21% 21% 

9487 Chiottan 114% 14 14 

8750 CHUM B f 1157, 1S% 157, 4% 

128888 CamMco IMP, 18 18% 4% 

7% r% 


56448 Computing 17% 


34400 Campui In 330 
1125 Camtarm 111 
7850 Con Bath A $19 
5900 CDtMb B I 15 
6546 Cons Gn 527% 
500 Con Glass $25% 
535568 CTL Bank 1173, 
1700 Con writ B 115 
1308 Corby 121% 
4527 C Falcon C $25% 
64697 Coaaka R 84 
4904 Cosiato Lid 1131, 
2400 Crown, $19% 
101110 Crownx A I 38% 
28000 Czar Ras 219 
5580 Damson A p 17 
23500 Damson B 1 157, 
540 Daveteon 375 
1900 Dlcknsn A f 115% 
100 Dlcknsn B H5% 
155016 Dotasco 127% 
361516 Dome Mina 121% 
544809 Dome Pate 148 
16132 D Text* 521% 

13300 Oomtar 120% 

72800 Donohue 933 

54950 Du Pom A 159 

14700 Dytnx A $18 

1000 E-L Fin U1 

40400 Echo Bay Met, 

700 Emco 114 

104600 FCA bid *181, 

952705 Fkaibrdg 123% 

22808 Fad Ind A *18% 

8900 Fed Pton $13% 

3250 FCtV Fin tm, 

50 Ford Cnda *185% 

4884 Gandalf *72 

472S0 Gene Comp 230 

4150 Gemfa A *19% 

3000 Glam Yk $24% 

38430 Otbrttar 111% 

*3060 Goidcorp I 112% 

700 Grafton A f 118% 

7050 GL Forest 143% 

W75 Greyfmd *27% 

8850 GuafPA I 117% 

92S28 Gull- Cm 129% 

1803 Ha wker 127 

8512 Naynj D 111% 

5950 Haas kid $343* 

3144 H BayMn a 110% 

1309 H Bay Co $253, 

52632 Imaaco 135% 

142488 Imp OH A 171% 

562731 Irtco 128 

28600 indal 114 

5900 Inland Gas 113% 

39800 Innopac 510% 

65382 liter City 518% 

100300 Ind Thom 116% 

15395 Inlpr Pipe 148 

55532 tvaco A I SW% 

10000 Ivaco B *16% 

6350 Jamock $43% 

16901 Karr Add t2«% 

10300 IQena GW *20% 

22803 Labett 124% 

31127 LL Lac 143 

29980 Lacans 119% 

30580 Lahfla w a *31% 


ffigfa low Dow Dwg 

330 325 330 

ill 11 O HO -7 

$19 18 % 18 % -% 

15 5 5 

$27% 26% 26% 

125% 25% 25% 

1173, 17% 17% 

115 M3, 147, + % 

121 % 21 % 21 % 

$25% 25% 25% + % 
84 82 84 -1 

*13% 13 13 -% 

*19% 18% 19% + % 

*81, 8 6% 4% 

219 215 215 

>17 6% 7 4-% 

$57, 5% 57, f% 

37S 375 375 

115% 151, 157, ~% 
915% 15% 15% +% 
$77% 263, 27 + % 

$21% 21 2'% +% 
148 139 145 + 7 

$217, 21% 21% 

$ 20 % 20 % 20 % — % 

$33 32 33 

159 57% » +1 

$18 15% 15% -% 

181 61 81 

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114 13% 13% -% 

W, 15% iBi, 4% 
123% 22% 23 4% 

*18% 18% 18% 

113% 13 13 ~% 

*171, 1T% 1T% 

*185% 185% 185% 

172 11% 12 ♦% 

230 205 215 -5 

$19% 18% 19% 4-% 
$34*, 243, 243, -% 
111 % 10 % 11 % +% 
$ 12 % 12 12 -% 
116% 16% 18% ♦% 
143% 421, 431, -% 
*Z7% 26% 26% -% 

117% 171, 17% -% 
129% 26% 29- +% 

327 27 27 4% 

111 % 11 % 11 % 

1343, M% 34% 4% 

810% 10% 10% 1 

1353, 25% 253, 

135% 35 35 

171% 891; 703, *1% 
$26 25% 25% *3, 

H4 13% «»» 4% 

*13% 131; 13% -% 

110% 10 10 
518% 177, ia% +% 
*16% 15% 16% +% 
t*8 47% 477, 4% 

1 181, 15% W% 4% 
1181; 16i; 16% -% 

*43% 43 43% -% 

1243, 24% 24% 4% 
1203, 20% 203, 

$24% 24% 24% 4% 
$48 47% 471; 4% 

119% 19% 1*% -% 
131% 307, 31% 4% 


765780 Laldlw B f 330 
B470 Li4gti Inst *5% 
48538 L obi aw Co 115% 
189M Lumonlca $10% 
4300 MKX $16% 

1867 MSR Ex 275 
29184 14c Ian H X 120% 
812 Ucln HY 1 116% 

215130 Macmilan $28 
47085 Magna a i $29% 
850 Manama f $16 
700 Me Intyre $44% 
19600 MAD Ran 385 
24275 MHsi Corp 17% 
300 UoHat 1TB 
3312 Homan A I $25% 
BOO Moten B 125% 
577 Monaco A I 405 
5875 M Tnuco 115% 
283023 Moore 132% 
85508 MB Bk Can *147, 
1700 Ml Vg Tree 1233, 
8400 MB CapA f 811% 
600 Mid LP A 121% 
485343 Norenda 130% 
153905 Norcan 1257, 
168741 Horen ord f 123% 
5919 NC Oils H6% 
241385 Nor Tat 927% 
47800 Nonhget 112% 
801138 Nva AHA ( 167, 

23000 Nowwo W 117% 
20015 Nu Worn 42 
67660 Numac $11 
4777 Oakwood 300 
1000 Oakwd A I "US 
9200 Ocelot B r 16% 
17420 Omega Hyd $7', 
UB243 Ottawa A f $20% 
87271 PaeW Aid $25% 
32000 Pgurtn A I $18% 
5390 Pamour 115% 
41430 PonCan P 135 
17975 Pegasus 130% 
200 Pembina SIB 
9400 Pjewl A I *14 
2918 PIN Mm $11% 
1577S3 Placer D *50% 
190300 Poco PM $18% 
92640 Pom Cor t *18% 
1162 Precamb 350 
7750 Ptovtoo $22% 
9200 Qua Sturg $8 
140150 Ranger $8% 
39720 Rayrack I $11% 
11600 Rsdpath 114% 
13800 Region! R 435 
200 Pullman A I 124 
38600 Rio Aigom $227, 
1100 Rogers A $19% 
53772 Rogers B I *167, 
2600 Roman $17% 
3732 Rothman $81 
75162 Royal Bftk *33% 
20097 RyTm A 1357, 
681299 Royes $6% 
882 SHL Syst 129% 
15197 SO. CemA f (27% 
47242 sceptre 470 
550 Scot Paper $20% 
15300 Scons f 1121, 


28% 30 
490 5 

15% 15% 
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20 % 20 % 
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25% 25% 
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431, 44% 
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21 % 21 % 
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181, 187, 
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450 480 

20 % 20 % 
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1000 Scons C 
0670 Seagram 
12745 Seais Can 
500 Selkirk A I 
298378 SIH»l Can 
9665 Sheiim 
600 Sigma 
40319 Southm 
16912 Spar Aeio I 
1700 Slalnbg A I 
51992 SKlco A 
19780 Sulplio 
2796 Took B f 
47294 Terra Mn 
83954 Teuco Can 
30066 Thom N A 
54685 Ter Dm Bk 
1261 Tor Sun 
12900 Torstar B ! 
51740 Total Pel 
6250 T redoes A I 
1217 TrCan R A 
65S0 Tnts Ml 
22819 TmAIbi UA 
103677 TrCan PL 
20212 Triton A 
15085 Trimsc 
31200 TrhMy Ras 
5550 Tnroe A f 
1100 Triioc B 
141244 LUstor P 
1600 Ufl Cartsid 
16411 U Entprma 
9500 U Can*. 
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16260 Venn A 1 
3500 Versa B 
100 Veagron 
8941 Vulcan Ind 
40 Waja* A 
3000 WsttHime 
169104 wcoasl T 
15111 Westmin 
400 Weston 
5146 Woodwd A 
F- No voting lights 
nphts. 


Higb toe Ctaa Oag 

$ 12 % 12 % tr% -% 

309% 08% 08% -% 

5*2 11% 11% "% 

S20', 20 X) - % 
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56'; 6% 6% +•« 

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£22% 21% 22% ft. 

$22% 22% r% + % 

$36% 36% 38% 

526% 25% 25% --a 

75 70 70 

*34 33% 34 + % 

205 255 255 - 10 

XM 33% 35% *2% 

$31% 35% 31% 

128 27% 27% + % 

1371, 37% 37% + % 

$30% 29!, 33 
$28% 27% 23 

$58 58 H 

77 77 77 *2 

518 17% 17!, + % 

129% 29 29% 

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522% 22 22', + % 

470 455 465 

67 63 67 +S 

132% 32 32% +1, 

S33 33 33 + % 

285 273 2SS + 12 

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112 % 12 % 12 % - 1 , 

117 113 117 *7 

155 55 55 

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7T 75 76 -2 

110 118 110 


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110 110 110 

315 306 305 -10 

114% 14% 14% 

122', 22’, 22', + 1 , 

117% 16% 17 + % 

1121, 11% 12 

140 39% 39% -% 

$ 6 % 8 6 % 

or restricted voting 


MONTREAL 

Closing prices May 8 


50175 Bunk Mom 134% 33% 
3825 BombrdrA 126% 26% 
51840 BombrdrB *26% 26% 
2700 ce PBK *30% 20% 
38464 Cascades 113 13% 

100 CTL 128% 28% 

11650 CanBaBi *18% 18% 
949T DomTxtA 121% 21% 
4831 MnrTnu $15', 15% 

62415 NatBk Cda $14% 14% 
50451 Novorco 113% 13% 
90700 Power Carp 118% 17», 
28386 Prwlgo $22% 22% 
1C77 RollandA $16', 16% 
21753 Royal Bank 1337, 33% 
6775 SuitobrgA 137 38 ’j 

Total Sales R173JQ2 Miares 


33% 

28% -% 

22* *’• 

20% -I, 

12% *i, 

28% 

18% 

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15% 

14% * ', 
13% ~ % 
18% 

22% -i, 
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38'; 


OVER-THE-COUNTER Nasdaq national market, closing prices 


MONTREAL Portfeito 


NEW YORK ACTIVE STOCKS 


Stack Ste* High Lear Lett Ctag 

fftadil 

Continued from Page 45 

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Oobay 1.40 87 4 *7 28 27 

OntoCul-88 9 350 421; 42 42 

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OldNlBJtto 22 134 45 447, 447, - % 

OklRap JO 11 230 27 26% 27 

Onto tonUS 2432 23% 227, 227, - % 

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PCS 66 63 29% 26% 28 + % 

PNC 1J2 101373 48% 457, 481,- % 

Pacer IJOa 22 1207 o75% 74 75% +1% 

PacPstJOa 4 392 W% 19% 19% + % 

Pantare 38 61 11% io% ii - % 

Parfsan 19 20 28 25% 25% 

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Payee 32 89 13% 13 13% 

PegGld 85 1157 227j 22% 22% 

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397,- T, 
167, + 1 
44% - % 
15% + % 
11 %+ % 
3>> + % 

20i,+ i, 
20 %+ % 
ML 

48%+ 7, 
44% 

65% - % 
13% 

15',+ % 
28 - % 
18% 

37 - % 

31 %+ 

25',+!% 

a-, 

19% 

29 +1 

13 

21% - % 

17i, 

13% - % 
11% - 1, 
6% 

18% 

10*,- 1, 
10%-% 
5%- ', 

14% 

15% - % 

K%- % 

S'lt" 

“mV 2 ” 

w%+ % 

23 - % 

30 - % 
Ml, 

22 %+ % 
101% +4% 
26%+ % 
30% - % 
15% - % 

a 

IB + »4 

37% 

33 1 *- % 
IB', - % 

1L% 

w%- % 


Stock Seta Migk law 

Hinds] 

UHhCr 15 478 6 % 8 

UldSvns .72 8 198 S9 28% 

US Bca .S0 12 7321(30% 29% 
US me .16 18 4667 11% 101* 

US Sur .40 22 6B3 u29% 283* 
US Tm 1 12 328 36 35% 

llStatn J4 21 14 20'* 193, 

UVaBa 1.04 ii 121 31% 3"* 

UnvFm 18 92 18% 17% 

UnvHII J3o 21 2S69 8% 8<* 

V V 

VBand 33 89 277. 27 

VU 1209 5% 4% 

VLSI 328 2T1S 17% 15% 

VM Sit, 43 1337 34 % 33% 
ValtoLq 219 367 4% 4% 

ValFS* 8 28 18% 18% 

VaINd 1.44 7 59 36% 36% 

Vicorp 460 12% 12i. 

VlewMs 18 120 13% 13% 

VHdna U 33 171, 171 , 

VIpOM 90 292 16% 15% 

Vlretks 754 18 16 

Volvo 1J3e 342 54% 54% 

w w 

WD 40 1.32, 21 718 323* 31% 

Watoro .40 IT DO 21 201; 

WaJtSv .Me 561 133, 13% 

Warren 131 If* 103, 

Washes' J8 8 570 17% 17% 

WFSLs .86 7 676 26'* 25*, 

WUSBa .48 4 292 31% 31 

j WairfGI 40a 14 60 18’, 18% 


13% - % Waiwind Mo 19 1374 21% 3T, 

11% - % WausP .48 12 M 31 30% 

gS Wtatra 191 12% 12% 

18'. Wetbfll 14 33 29 28'; 

10*;- % Wtetcp 24 6% 8% 

10% - % WnAui 26 110 11% 11% 

g.- i! WMCap ID 346 14 13% 

141. WilFSL 4 IBS 20i, igr, 

15% - % WtiWH* 24 75 21% 20*, 

14%-% WxfriPb 18 438 14% 137, 

31%+ % WT(* 10 365 15% 15 

42 +1 waimrti Bieu25% 2*% 

MU -at- WmorC JO 19 126 23% 22% 

Ml, WmwOs 33 103 23% 23 

13% + % Wettra 1.W 22 7M 47% 45% 

+} - i° WIHmtalja 14 813 S2i] so% 

30 - % WII1AL 15 303 T9 16% 

14% WISPS 34 14% 137, 

22%+ % WilmTi .72 15 137 32 31 

101% +4% WitonP IB 292 11% 107, 

26% + I. Wtodmr 17 292 8% 83* 

30% - % WtaerQ M 10B 7B4 19’, 19% 

15 % - i, Wobvre JO 27 12% 11% 

10% WCYS .10e 2S8 15 M*, 

12% WOW 748 16% 15*, 

IB + 7, Worths, J6 201091 19% igr, 
371, Wyman JO 38 19% 19% 

33% - % Wysa 10 3507 29 Cfl% 

X Y Z 

hh' % KLDaia 43 go 25 2« 

XOMA 2423 25% 25 

Xlcor 818 12% 11% 

17% - % Xide* 361722 15 15% 

13%+ % XytoEPC 204 17% 17 

15 + % Xynn 41 549 1»% 18% 

20%+ 1, Ytowfl .62 166148 3T% 32 

35** + 1, ZZEtoS 39> 16 15% 

48% + % ZZBatwi 77 117. 11% 

24-1, ZonNtl JO 151287 19!, 19% 

1B%- % ZtonUt 1.44 14 3 44% 44% 

1B% j Zondvn 2699 HF, 16*, 


Lm Ctag 

e%- % 

231; - i, 
30% +1% 

11% 

29+% 

35% - % 
19% 

31% - % 
18%+ % 
«%+ % 

27% + % 
16% - 7, 

W, ♦ % 
4%- % 
18% + •; 
’a 

i?% + % 
13% 

in. - % 
18 % + % 

17 -1 

54% -1 

32% + % 
20'; 

13% 

10 % - % 
17'; - % 
25*,- % 
31% - % 
18% 

21 %+ % 
31 

13*+ % 
29+% 
8% 

11% - I, 

13*i 

197,- % 
20** 

13',- % 

15 - % 

a + 1 , 

22*.- % 

23-1. 
46% + 1% 
50% -1% 
18% 

14% + % 
31% + 1, 
107,- % 

9% + % 
19% - % 
11% 

74% - % 

16 + % 
« - % 
19'. 

» + % 


% 

»% 

11% - % 

15% - % 
17%+ 1, 
1B% - 1. 
32% - % 

is% 

11 %+ % 
18% - % 
44% - 1* 
18 - % 


Suck* dm* B tang* _ - . 2*12? 

-iSSS» ■%. -T 

1^5 . " "— WiKB B +4 UmCwp 2406.400 32% 

1JSM00 24% -J* MS-Sm if* 

rramiw Com TT© 200 45% +5*1 PtolhOkP« • • - 1657JOO 37 

+vl >BV i«**on >»- 


6S7J0O 17 +% 

*2*400 >**■> “1% 


-Sariw may £ Sum RAW 24JBH J TSE U3BJ1 
Sot values trf ail todton are 100 except Brussel* 5£- 1,000 JSE Gold -255.7 JS£ Indmcriais- 
250 and AtntreUa. All Ordhiaiy and MetaH-500; NYSE All Common— 50; Standard and 
Poor's— 10; and Toronto ConsMHila and Metals-— 1000. Toronto ouffee* betel 3975 and Montreal 
Portfolio 4/103. t Exsludtog bonds. $ 400 Indudriah plus 40 Utilities. 40 Fiooadato and 20 
transports, te) Clued, (u) Unavailable. 


• irsrr - . - ‘ 

■ r. .» 

:*■■■■' - ■ - 

- 













































































































































































44 


Financial Times Monday May 11 1987 


Closing prices. May 8 


NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES 










Choc 

17 mcani 


Pt fill 



One Fin 

High 

Low 

Stock Dw. YkL E 

100* High 

law 

OamOau 

33% 

20% 

AAR 9 .50 

1.6 21 

377 

301; 

30 

30% 

*% 

37 

21% 

ADT .52 10 17 

88 

31 

3 IP, 

30% 


41% 

23% 

AFG .12e 

.3 11 

304 

391, 

387, 

39 

+ 't 

443, 

IS>, 

AGS 

22 

164 

43), 

*31, 

43), 


9% 

4 ’« 

AM m 


701 

01; 

6% 

6% 


<2% 

471, 

AMR 

12 

2150 65*i 

54% 

551, 

-% 

25 

2D, 

ANR pf £12 

9.5 

1 

22% 

22% 

22% 

+ % 

12% 

8 

ARX 9 

11 

106 

101, 

10 

10 


73% 


ASA 2a 3.2 

689 

64% 

63 

83% 

-n. 

20 

9% 

AVX 

1.6100 

203 

20 

19% 

20 

+% 

67 

xi 

AbtLb s 1 

1.7 2S 

£920 81% 

»% 

60 

-1% 


25 

AcccWdG2 

£1 IB 

38 

30 

29*9 

29% 


151, 

9 

AcmeC .40 

31 9 

104 

131, 

12% 

12*, 

-% 

ff>e 

8% 

AaneE.320 

4.1 30 

45 

7>t 

73, 

73, 


23*8 

19 

AdaE. l«e 

18. 

137 

21% 

20% 

20), 

-«» 

19% 

11% 

AdmMs 24 

1.4 13 

5 

16*, 

16), 

16), 

+ % 

21% 

12% 

AttvSyaea 

34 14 

40 

18% 

18 

18 

-«* 

28*, 

12*8 

AMO 


2858 22% 

21% 

2«, 


543, 

■»% 

AMD pf 3 

SB 

191 

531; 

531, 

53% 

+ % 

10% 

5% 

Adobe 


2245 10 

9*, 

9*, 


20>; 

13), 

Ad ob pt 1.84 

93 

2 

19), 

19% 

*9% 

■*■'4 

21% 

16% 

Ad ob pf £40 

12 

34 

20% 

20), 

20), 


15% 

11% 

Adveat ,12a 

.8 11 

99 

147, 

14% 

14% 


68% 

53 

AatnU £70 

48 9 

2937 581, 

571; 

57*, 


83% 

51% 

AatL pf£aie 

64 

33 

53% 

5£>, 

521, 

+ % 

50% 

21% 

AfifPb s .32 

.6 28 

125 

50 

48% 

50 

+ 11, 

28% 

18*, 

Ahmnsa .88 

XI 7 

5781 22 

20*, 

21% 

-% 

5), 

2% 

Aileen 


38 

4% 

4% 

4% 

■*■% 

■Wi; 

29% 

AirPrd .80 

162X3 

551 

441, 

43% 

43% 

“% 

35% 

16 

AirbFrl .60 

1.8 13 

257 

33% 

331, 

33% 

+ «4 

12 

7% 

Airgasn 


88 

10% 

10% 

10*, 


2®a 

16% 

Alrtee nl.03* 

BO 

II 

17% 

171. 

17% 


17-32 

% 

AIMoan 


83 

13-32 % 

13-32 + 1-3? 

28 

25% 

AlaP p> 1.81a 

6.7 

3 

27 

S7 

27 

+ % 

IS, 

8*, 

AlaP dpt 87 

SG 

118 

101, 

10 

10% 


110% 

102 

AiaP pf » 

10. 

*40 

108% 106% 106% 



! 7 Mart) 
High low 
SSI, 46% 
46% 371, 
J7S, 0% 
■*?» 26 
72 M, 
14 71, 

337, 29 
52% 4H, 
2SJ, 1Si 2 
35f. 2fiij 
SOI* 27% 


24 143, 

111, 67, 


W, 441, 


23% 

SO 

40% 

16 




31 

S'. 







tVga 


P / SR 



On, hi*. 

Stack ffiv. YM. E 

lOOxHigh 

law 

QuawCba 

BkB pfBAflleS.*) 

31 

51% 

51% 

511, +1, 

BkNY a T68 

Al a 

80 

41% 

41 

41 -% 

BnkAm 


1827 12 

ID, 

11% 

BkA pf3J4e £0 

x2S 

39, 

32% 

32% +% 

BkA pi 6* IT 

X51 

W'B 

54 

54 

BkA pf £88 


x2S5 9 

8% 

0% -% 

BkARH£40 

7.7 M 

16 

31% 

31% 

31% 

BnkTr 81.06 

3.5 8 

722 

48% 

473, 

48 

Banner .06 

.3 12 

48 

271, 

21% 

211, -1, 

Baitly 1)1.48* 

4JW4 

187 

351; 

351; 

35% 

Bard a AO 

.9 34 

996 

461; 

4, 

44% -1% 

BemGp 1 

£7 15 

109 

37% 

37 

37% +% 

Borne) 9 6Z 

£5 12 

434 

37*, 

367, 

37% -% 

BaryWr.60 

£3 21 

38 

18% 

18 

18% +% , 

BAS1X .141 

1.8 

27 

7% 

7), 

7f, +% 

Bausch .88 

L8 19 

627 

4®, 

47% 

48% +% 

BextTr .44 

1.8 12 

4940 247, 

24 

247, +% | 

BxlT ptA£98etL2 

8 

48*, 

48 

481, +% 

Bxti piaaa 4.2 

130 

83 

82 

83 

Bay5Gi1.44 

4.9 11 

157 

291; 

23% 

29% 

BeerSf .48b 

£B 8 

848 

17% 

17% 

171, -l 4 

BearS pf.428 

.9 

50 

49% 

481, 

481, +% 

Bearing 1 

£7 21 

124 

37% 

37% 

37% 

Becor .20 

1.4 

477 

141, 

M 

M 

BectDk .74 

1.3 20 

1710 571, 

M% 

581, -% 


Ofg* 

12 Hand) ?/ Sh On Pm. 

Hah Law SWk Dnr. TM. E lObtfigb Law QamCtoH 

66 7Z% CwE pr7JM 99 ZlO 73*. 731. 73% -Ac 

453. 33 CcmES£72 80 9 47 34% 34 341, 

BS, 9 


104 

271, 141. 

77ij 1J1, 

23% 13i; 

551, 333. 

457, 77*, 

517, 37 

4Z% 233. 

501; 341; 

96% C5*j AflogCp 
SW, n% Aigtm 
20i, 91, AJgln pr 

S3', - 


Alberto .24 
AlbCuW£4 
Albans .SB 
Alcan .SO 
AICOSK0.2S 
AleiAlx 1 
Aletdr 


39 Alfll pIC 
363, AHgPw2-92 
46 1, Allegia 1 
141; AllenG .50 
203, Allen p)1.75 
317, A rid PH 
363, AJdSgnl 80 
6i. AiiaSup 
21, Allis Cl) 

251, AlisC pi 
351, ALLTL 2.04 
321, Alcoa 
1C, Amax 
151, Am Has 
S3, ABrck g 
4G% ABmd&ZOB 
32 ABrd pf£75 
B2», ABrd pl£67 
21<e ABIdM .90 
36'. 23', ABusPrJO 
2S% 20', ACspEULSO 
353, 293, ACapC&Me 
2.:, 143, ACMR la 

- 27, ACemC 

673, ACyan 210 
333. ACyan wi 
243, AElPw 226 
533. AmExpl.52 


55 ! 

741, 

24 

28% 

451; 

491, 

101 , 

5ie 

37% 

4n. 

5«* 

233. 

3SJ. 

M* 

347, 

106 

20 


r, 

sen, 

431 . 

3«B 

81>. 


AlaP pfBIG 9.1 2170 89% 89% B9% -3, 

AIM Air .18 .8 14 238 20 >8 19% 20 + V 

10 30 130 243. 23% 24 -% 

12 25 33 ZQi. ig% 20>g +1, 

1.9 17 181 52 511. 511, -1, 

1.7 17 4680 U46% 45% 453, -% 

28 17 79 50>. 48% 493, +1, 

4.1 23 7566 2<% 233, 24% -% 

46 70 401; 48 481; 

14 73 921, 92 92% +1% 

638 18% 16% 18% ■)■% 

2b 18 173. 173, -% 

47 IQ 83 83 + % 

7.1 10 774 41% 4JJS, 407,-3, 

I S 22 3477 68% 681. 68% -% 

13 106 16 7 , 1H % ip, 

10 3 21% 21% 213, -% 

11 76 383, 38% 36% 

42 13 3626 43% 42% 427, -% 

28 118 81; 81, 8% 

1453 31, 27, 3% + 1, 

14 303, 293, 30% 4-1% 

5.1 16 105 397, 381. 39% 4-1. 

1 JO 2.3246 4838 U51% 50% 51% 

38 1934 u24 23% 231, 4-% 

U 3790 36 351, 35% -1, 

2418 U40% 383, 39% 4- 1% 

4 7 13 1413 451, 431, 44% -% 

16 32 32% 32 32 -% 

10 1 89 89 89 - 1% 

16 17 66 25% 251, 2$i, 

18 17 5 287, 287, 2flT, 4-1, 

9.7 60 221, 221; Zfrg 

II 13 32% 321, 32i, -% 

58 12 209 17% 171; 173, +1, 

4 3 27, F, -% 

£3 20 073 91% 90% 90% -3, 

6 461, 46i, 461. 

8.4 10 2685 271, 267, 27 + 1, 

2.3 13 6692 67% 66% 66% -% 


40% 

26% 

AExp wl 


531 

34 

33% 

33% 

-% 

18% 

11 

AFaml * .22 

1 9 8 

1012 11% 

11% 

IP, 


46), 

34% 

AGnCp 1.25 

£3 8 

2848 381; 

37 

37% 


24 

«% 

AGnl wt 


63 

16% 

18 

16 

“% 


s»% 

AGnt 01A4 Q4e7.7 

116 

S2% 

52% 

52% 

“% 

20 

16% 

AH HP n.Z2e 

13 

341 

17), 

17 

17 


48 

38 

AHarti 1.44 

£1 8 

14 

1148% 481, 

46), 

+ % 

8% 

6% 

AHalsi 


95 

9 

6% 

9 

+ % 

243, 

18), 

A Ha bn pH. 95 

0.1 

7 


21% 

2*% 


947, 711, AHomea.34 

Amrtc s 5 
54.% AlnGr ■ .25 
13% AMI 
2% AmMd 
22 AMolr pf£38 
201 ; 


101% 773, 
62 
20 % 

4% 


12 


36 
42% 

79 
19% 

24% 19% 

12 7% 

517, 36 
71% 51% 
81 631, 

81 55% 

277, 221, 

52% 46% 
S3 471, 
5fl. 32>4 
13% 9i. 

82 75 
44% 23 
1241* 104% 
35% 22 
333, 191. 


19 16 2078 ESI. 
60 10 1401 84% 
.4 13 7707 65% 
.72 4.1109 112S 17% 
2673 4% 
6.6 155 36% 


64% 85 4% 

63 63% -7, 

63 63% -1% 

17i, 17% -% 
4% 4% 

36 36 — % 


10 % 
si 
. a 

581; 3?:, 
161; 12% 
23% 11% 

38% 281, 
9% 21. 


12% 

33% 

34 

8 % 

877, 


APresd .50 

1 J 22 

£82 

42 

«i% 

41% “% 

APrsd pf£S0 

4.4 

52 

U79U 78*, 

791, +% 

ASLFla 

2 

194 

14 

133, 

14 +% 

ASLF1 pf£1B 

10 

1 

217, 

2", 

21% +% 

AShlp .40 

52 

20 

7% 

7% 

7% 

AmStd 1.60 

42 9 

1181 43 

42*, 

42% +% 

AmStor .84 

1.2 19 

305 

70), 

70% 

70i, -% 

A Sir pfA4.3B 57 

645 

771, 

77 

771, 

AStr pfB680 1£ 

68 

55% 

d54% 5S% 

AT4T 1.20 

4.9 8 

38S1S2S 

24% 

24% -% 

AT&T pta64 

r.a 

243 

50% 

50% 

50% +% 

AT8T pf£74 

7.4 

203 

50% 

50% 

50), 

AmWtr L28 

3J 11 

137 

40% 

39% 

401; +% 

AmNoD 


49 

12 

117, 

12 +% 

ATr pr &J7 8.1 

3 

77% 

773, 

77% -% 

ATr sc 


4 

33 

33 

33 

ATr un 6J7 56 

2 

111 

111 

111 -1 

A me ran 96 

£9 13 

10 

331, 

33 

33 -% 

AmesDffO 

.4 32 

3034 23% 

23 

23% +% 

Ameiak 1 

£2 18 

113 

3D, 

30% 

31% -% 

AmevSiLOB 

98 

SB 

11 

10*. 

11 

Amfac 


154 

307, 

301; 

30% -% 

Anttac pf 1.68 

58 

10 

32% 

31% 

K% +% 

vJAmlsc 


74 

a 

2% 

3 

Amoco £30 

£8 33 

8060 u68% 86), 

877. +1% 

AMP .80 

1.4 33 

2788 58 

56', '501, -1% 

Ampco .30 

£1 

6 

14% 

14% 

14% +% 


Amreps 
AmSUi f.16 
Anacmp 

30% 18% Ansdrk .30 
24J, 14% Analog 

243, 1O1* AnchGa .08 
35 24% Anchor 1.46 

291, 22 Angalic .64 
16 13% AnglCml.52 

36% 22% Anheu a .48 
141% 63% Anheu pr£60 
18% 8% Anthem 
15% 6*4 Anuinys.44 
83 473, Aon Cp £40 4 9 7 

12% 7% Apache .28 £5 

Ape P un .70 


-5 


12 188 13 127, 127, -% 

14 11 20 34% 34 34 

60 1735 91, 87, 9 

1.0 3225 u31% 3(H, 301* + 

52 353 231. 227, 221, 

.3 14 335 U24T, 24% 24% -1, 

4.9 36 561 30 30 30 

£3 15 MB 281, 2fl 261, -1, 

11 14 14% 14% 14% -1, 

1.4 19 2808 343, 33% 33% -1 

£6 6 131% 130% 130% -2% 

44 7 167, «7, 167, 


14 


15 

331, 

31% 

■W, 

23% 

33i, 

»% 

25 

50% 


21% 

13% 

24% 

32% 

39% 

171' I 

29% 

49', 

66 % 

11% 

151; 

21% 

S’ 

92% 

2201; 

273, 

13% 

25% 

31 

51 

6 % 

44U 

26% 

38% 

«% 

37% 


8% 

401, 

22% 

74 

45% 

24> 

19% 

M 

30% 

47 

1% 

34% 

S3 


90 


30 

ApPw plA18 

1£ 

28% 

ApPw pf£80 

13. 

12% 

AppIMg 

30 

18% 

ArcnDn 10b 

.5 12 

17% 

Arlsic n.18o 

.6 17 

27% 

AriP pf 3 58 

ia 

*7% 

ArhBstl.36 

£1 11 

17% 

Arkln 1 08 

44 19 

48% 

ArLIa p! 3 

5.9 

8% 

Armada 

13 

4% 

Armco 


13 

Armc pf£10 

87 

24', 

AimWl, 90 

£4 14 

13% 

Armiek 48 

£5 

3% 

ArowE .2G 


9% 

ArowEp(1.94 

1£ 

20), 

Arlra 

118 

22«; 

Arvtn .88 

18 15 

76 

Arvtn pi £ 

1.7 

10 

Asarao 


:*'« 

Aaa re p>££5 

50 

53% 

AsWOill.80 

29 14 

10 

AsloPcn 


S', 

AtalSon 

12 

15% 

Aihlenel 60 

89 35 

33% 

AtCv£l£62 

74 12 

45% 

AURidh 4 

4.3 30 

109 

AilRc pr£80 

1.3 


141* -M* 
49 49 -% 

11% 11% +1, 
7% 73, 

30% 31 +% 

28% 28% +% 


11 34 43 14% 

600 493, 

228 11% 

574 77, 

16 31 

4 283, 

30 156 38% 37% 37% -% 

’ 2763 191* 19 191, -% 

843 29% 28% S9l, 4-1. 

12 Z7% 271, £7% +1, 

£1 11 263 18i« 616% 17 -7, 

“ 1138 24% 24i, 2*% 

63 u5C% 50% 50% 4-% 

16 14 14 U 

2888 12% 117, 11?, -% 

42 24% 24% £4% -% 

1592 377, 37 37% 4-% 

IS 18% 181, 191, -% 

77 43, 8% S'; -I, 

5 14% 143, 14% -1, 

62 291; 29 291; +1, 

18 15 139 38i; 3si, 36% 

3 120% 1201, 120% 4-1, 

3690 26% 26% 261; -J 

105 47% 45% 451, -21, 

29 14 1001 623, 61% 61', +% 

600 101, 101, 101, +1, 

9 11% 11% 11% +1, 

102 18 177, is +1* 

74 12 159 36% 35% 35% -% 

4.3 30 7801 u93% 9U, 92% 

1 u222% 222% 222% + 17, 


17, 5-32 VJEMier 

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1.1 12 246 21% 20*j 21% 4% 
100025% 4% 4% -*, 

0 20 20 20 

3 22 21 22 +2% 

426 2% 2% 2% +% 

»% 5% 3% +% 

22 37 X 37 44% 

73 9% 9 9 4% 

£8 13 36X 62% 61% 61% -% 

£4 17 670 43 41% 42*, -% 

2-4 23 4927 53% 517, 53*, 4 1% 

1616 10% 8% 10% 41% 

zZDO 1T% 17 17% 4% 

00 14 168536% » 36*, + % 

45 33 22% 22% 22% 

1.8100 208 34% 33*, 34 4% 

1.7 W 39 7 W, 7 4% 

.6 16 560 u2S% 24% 34% 4% 

4.6 2052 30% X 30% 

40 S', 5% S, -% 

06 74 127, 12% 12% -% 

4J 17 207 45% 44% 44% -% 

£1 17 422 13 12% 12% 4% 

76 2% 2% W, 

£8 11 178 60% «B% 49% -% 

6-5 11 413 <7% 46% 47 

BlS 12 193 4S% 48% 46% -% 

42% 43», 

220 13% 12% 12% -% 

£8 14 4808 48% 46% 46% - 1% 

IS 1 133% 1331, 133% -4 

64 6% 81, 6% 4% 

57 17 16% 17 +*, 

£1 10 X 40% 48% 40% 4% 

51 2 % 2 % 2 % +% 

12*3 175 18% 177, 177, -1, 

OS 12 133 17% <n«i TO, - % 

X Y Z 

3 MV 4076 70% 78% 79% -% 


80% 46% Xerox 
58*, » Xerox pS.45 
28% 21% XTRA JB4 
24% 15% Yorkki 

6 2% Zapata 

43?, 20% Zayrs a AO 
14% 9% Zacnax A0 
28% TO# ZanMhE 
17% 8 ZenLbs 
SS % T2% Zara SB £0 19 647 16% 


£B 22 »% 55% 55% -% 

£5 TIB 2S% 25% SB +% 

15 41 23% 231, £31. -% 

1399 5% 5 B% 

1 J 15 *240723% 227, 22% -% 
£0 8 41 13*, 13 13% 

432 27*4 26% 26% -% 

490 10 9% 9*a 

17% 17% -% 


51% 32% Zumfct 1 32 £6 19 54 47*# 47% 47% - % 

10% 6% Zwefe 0.10 b 1.1 1127 8% 9*, 9% 4% 


3Mu0gurea ere uncfldaL Yxrly Mohs ml ton reBecUhe 
prwloua S2 mates plus The curreru male, but ran Hie latest 
mdbio day. Whan a spit or stock dMdend am pun thg to 25 
par oart or more haa bear paid, the year's WgR-towranoo *nd 
(Mdand an ahonm tor the new stock only. Unless oOMnriu 
notod rates o# dhrhjenda are towmal d M xwamon i v (road oh 
the latest dedereBon. 

w-eMdand alao wxtrtl®). h-aonual nde of eftridend plus 
stock toWond. c-Rquktatlng dfiddand. cM-ealed. d+ww yaarty 
low. o-dMdand doctored or paid ln preceding 12 months, g* 
dMckwcJ In Canadlsn funds, fiubjecl to 15% non-raaWence lax. 
KMdand dadaral after splt-up w stock dhMancL j-dvidtnd 
paid mbr year, omfttad. dotornd. or no action taken at Meat 
dMdend mesUny.lMftMeiiddectar«d or ptod Oils year, an as- 
OUDKlaflvs toaus with dMdends In arrears, n-now Issue in the 
peat 52 webfcs. The hlgti-ioer range begins with the start of 
tTadng. pdewet day daflwry. P/E-pric o comi ngs ratio. r-OM- 

dand declared or paid in precsdrin 12 months, plus stoekdwi- 

dand. wtock spfiL OMdends begin with date of spU. ato - 
apla®. MMdend paid In stock to preceding 12 mariOxj. asd- 
nated Mail value on eiKMdend or ex-dtotribudon date, u- 
iieHr yearly high. Hmdtog haked. vWn bantouptcy or receiver- 
BhiporbangreoiganlaadundariheBanlempiqrAeLarsecu- 
rtdes assumed by such companies. wd-dtotrSnJlBd. wHvhfin 
Issued. wuHNfdi wenvnto. x-ox-dMdant or tx-dghto. xdis-ex- 
datAMilldn. XW+vhhoifl warranto, y-iw -dividend end sales in* 
hd. y id yield. >-Saie# in fut 


I ra\ uiliiu; I)' uiroii bii'iiiic.sv? 


^j^ n ^ m ^ ly oarcoaipat»cBttrytopyo(iMFwBno»ITmmw|^y irc wmdl ii^ima^^ 


FINANCIAL TIMES 

^EMpftlonNMnsC 


ApoioC 
AppIBk 
AppleC 12« 
ABioad 
ApWBio 

ApkJMo 

Archive 
ArpoGp 
ARJoSy 
Armor JOe 
AstlKjna 

ATtQUsl.60 

lAdFbr -28 

ADRae 

AtiSaAr 

Autodt# 

Avntek 


BS 

BWraec 
BdlidC 
BdkrFn la 
BokrJa .X 
Bkft-yB JO 
BalBcps .40 
BnPncslJO 
BnPop 1 32 
BCPHW 1.X 


22*, 

33 

79 

TO, 


11 

33», 

23% 

20 

25% 


BKNEs 1.12 
Bnkoata .48 
BnkgCtr 
Bankvt 3Br 
Banu .44 
BaronO 
Barrts 
BsalF flOn 
BatlMt .10 
BayVw 
BayBtat.44 
EeauMC 
Beebos 
BBdSv 
BenjSv 
B*rWya £4 
BortHe 
BemBya 


528025 23% 

10 X 33% 
338247 81 
IX 14% 
314X1 24% d21'j 
1886 25 24% 

444991 11% 

10 X 34% 

IB 274 23% 

25 BB2 20% 

23 4163 26*, 

12 70 23% 23*4 

10 142 10 9*, 

16 X SO', sol, 

13 19 11 10% 

48X244 27 X 
291594 16 15% 


B B 

500 87, 

13 240 12% 
25 X 17 

8 461, 
17 1105 12% 

6 4 18 

24 938 20*, 

7 3*9 X 

8 3 32% 

11 25 54% 
Z7 21 13% 

9 957 33 

358 18% 
420 14 
27 64 M 

14 405 10% 

37 8 14% 

7 130 13 
17 M 40 
532X9 37% 

5 517 147, 

8 529 38% 

10 205 9 
13 493 12% 

X 13% 
482 8% 

9»» 27 


22 % - 1 % 
33%+ % 
79 -1% 
141,4 % 

23% -1% 
24% 

11%+ % 

34 

23% 

201 ,- % 
26 
23% 

W»- % 
3d, - % 
11 
27 
10 


8*1 

% 

46 
12*, 

18 
19** 

321, 

3St*« 

54% 

13% 

32*, 

18% 

W% . 
34*4 34*« 


w,- % 

T2i, 

17 

46*4- % 
123,4 % 
16 4 «, 

19% ~ % 
32% 

32% — % 
641,- % 
18*, 

32%- % 

18*4+ % 

13% - % 


19% 

14% 

121 , 

39% 

381, 

14% 

X 

iS 

13 

7% 

25%. 


19% - % 
14% 

12 = 8 - % 
39% 

36% - 7, 

14%+ % 

38*4 - *4 

Wl - % 
11% - % 
W, 4 % 
77,- % 
25%-% 


337 0 3470 3420 34X -10 


14 848 14% 


BfltZLD 1.40 X 114 451, 


BevSvo 
Bo Boar 
Brndly 
BtoRes 
Blogen 
Bhxnet 
BipTcG 
BirSd 

Bh*0 54b 
Bk*En 
BoatBn 184 
BabEvs 3B 

Boname t 
BonvIP 
BoaiBca 
B5*nf% AB 
Bramrc.lOi 
Brand 

BrKwtg 

BdgCni 
Bmkmn 


IS 7 9% 

111558 21% 
10 665 13% 
539 4% 

877 11% 
X 248 25 
137 10% 
TT 83 24 


13% - % 
45 4 % 

9% 

20% - % 
131,+ % 
4%+ % 
11*,+ % 
24%+ % 
10 - % 
24 


13% 

44% 

20% 

a A 

11% 

23% 

97# 

23*, 

15 14 30% 29% 29% 

254 22 21% 21%+ % 

10 04 39% X 39% 

' 251, 

21 
11% 

2Z% 

29*4 
15% 

17% 

7% 


XXX 
18 40 21% 
25 74 121, 
39 283 23*. 
14 801 30% 
13 14 18% 
.09 Ifl 431 17% 

174 8 

» kb a 

175 E*g 


BwnTrrUMe n n 12% 

BniOM .W 25 590 IS 
Build! 

Bmhm 24 
BurrBs 
Busin Id 


25%-% 
21 - *# 
12% 

23%+ % 
29% — % 
16% 

17%+ % 
77,-1, 
25% 25*,- % 
8% B% 

12*« 

10% + % 
19% 

22% 

14 4 % 
1S%+ % 


CinnFn 1.52 
Cbitasa 
Cipher 
ClrcExs 
CnSoCp 1 


IS 

10 121 83% 
18 7 32 

211309 12*, 
17 634 12% 
a 1959 25% 


147, 

X 

31% 

11% 

11% 

25% 


15 

63 — u 
32 + % 

117,- 7, 
11% 

25% - % 


CtzFGp 1.08a 10 87 40*, 40% 40% - % 


CtzSNY IS 10% 

CUU Aa tSI X 28% 
CllyFed .40 7 1067 9% 


CtyNCs ,B4 
ClarkJ 36 


91 27 
22 27 


10’, 

X 

9 

26*; 

26% 

19 

19% 

14% 

11% 

23% 

2# 

307, 

117j 

11 

13 

20*, 

10 


10 

2B*i+ % 

9-0, 
27 + % 
26*,- % 
TO, + % 
TO, 4 % 
14% 

11% - % 
» + % 
35% +2% 
31%+ % 
12 4 *# 
1W,+ % 
12 %- % 
21% 

11%+ *» 
13% 4 % 
20*, 

19 - % 


CnsPap1.X 
CtfHmo 
CdMod 
Contin 
CttBbra 
Con v|)t 
Convex 


S* 

% 

s 

19 


14 410 X% X 
42 121, 12 

178 11% 11% 

908 1088 u27% 251; 
X 97 15% 15 

4903 6% 8 

90 402 19% 


CooraB JO 17 745 273, 


Copytol 
Cordis 
CoreS* 1.X 
Cosmo 
CWTms 
CrzEda 
Crwfdl 
CritGp 36 
Cronus 
CrosTr 
CrosUS AO 
CroalpC 1J1 
CwnBk 
Culhon JO 
Cyprus 
CypSem 
Cyugn 


84 

29 %“ % 
17% — % 
15*. 

15% - % 
19%+ % 
12 % 12 % 

6*, 9 + % 

TO. 16 + % 
14 15% + 1 

85% 

12 

11% - % 
27% +13, 
15% + *, 
8 6*,- % 
19% 19%+ % 

271, 27% - % 
TO, 131,4 % 
. 197# 20 - % 
101134 373, 38% 36% - 7, 
408 11% 11% 11% 

" TO, — 

S% 

12% 

11 
18% 

X># 

14% 


529 13*, 
3450 20% 


54 13 
17 4065 8 

206 TO, 

8 354 121, 

31139 18% 

1048 21 
0 486 15 

29 21% 21% 

15 73 14 131, 

17 21 27*, 27 
79 319 26% 20 
92 2078 TO, "' 
TO 81, 

D D 


’a 


TO, 

*T«- % 
12*2 

12 4 % 
TO,+ »? 
20% - % 
u% 

21% - *# 
13% 

271, + % 
28 - % 
13%+ % 
8% 


DBA 

13 

125 

15 

14% 

14%- 

DNA PI 

1383181 

TO, 

13% 

13%- 

DSC 

28 

1992 

9 

to 

to- 

DalsySy 


11X 

!I J 

9% 

9*, - 

DcnnBio 


376 

to 

6*, 

8% — 

OartGp .13 

a 

10 

156 

1571, 

157*, - 

Datcrd 24 

■w 

281 

10% 

TO, 

10% + 


DUIO 
DOwtch 
Daucjn 
DaupnniJO 
Daxor 
Ooyibts 


32 2» 9»* 

X 1066 8 

M X 34% 
10 X X 
45 1055 14% 
10 857 12 


DebShs JO 22 335 18% 


12% 

TO, 

IS 

223, 

13% 

15*, 


CDC 

CFS 

CML 

COMB# 

CM 


17 31B 19% 

20 M 23 

45 450 14 

552484 15% 

C C 

MS 217# 21% 21% 4 % 

14 19 221, 2i% 221, + % 

17 74 20% 20*, 20% 


.10 22 421 21 


632733 217, 21% 21*#- % 

- — - 20 % 21 

<2% 42%+ % 

18% 18% +1% 

11 % 12 

12% 13 

83# 0% 

10 % 10 % 

9% 

26% 

25 
19% 


»% 

38% 

41% 

13*, 

15% 

X 

TO, 

10% 

28»# 

261# 

21% 

S'# 


Carton 

453847 u1B% 

CaJoens 


132 

12 

CaJSso 


290 

131, 

Cal Me 

18 

X 

to 

Calny .16 

20 

3 

’to 

CamBS 


344 

9% 

Canotu JSe 


45 

26% 

Canonie 

34 

000 

261n 

CrdntD JB 

10 

6 

TO*, 

CereerC 

M 

819 

TO? 

Carmte 

341282 

177# 

Cat Km 


930 

*7» 

Caeeyas 

20 

51 

147# 

Catiyot 

32 

901 

24% 

CalfCms 


184 

22*, 

CntrBc 1J0 

10 

329 

40 

Csjttew 


040 

42% 

CtrtBK .19a 


a 

14 

CVCOp 


50 

15*7 

CFidBk M 

11 

122 

30% 

CmyCm 


27 

20% 

CartCl 

33 

580 

TO# 

Cent* 

3480 

30 

OtfmSs .12 

33 

831 

27 

Gnrtwie 

SO 

308 

22% 

ChkPB 

19 

163 

10% 


Dekalb 
DHWOC 
Devon 
DtagPr 
Diasonc 
Dleeon 
ChgtICm 
□Iptch 
DimeCT AO 
DXneNY 
Dknurxa 
DljftaYriBl 

DtrGnl 20 

DomBs .72 

DresBs 

Drexira 

DreyGr 

DualUaJ4e 

DunkDn 32 

DuqSya 

Diaamd 

Ourkn JB 

Dymcn 

DytcnC 

ELXSI 
EMC Cp 
SPas 1J2 
Eton 
Ejcotoi 

Efctmya 
Emu lex 
Encore 
EngCm 
EnFaa 
Enseca 
EmPub .10 
Envrdn 
EnvTn 
EnzBB t 
Wnh 

EqdBs SO 
EricTiUDe 
EvnSut 
Excel Be. 10e 
Excoin 

Exovlr 


2362 22% 
332 11% 
12 157 TO, 
32 IBS 34*, 


a 

33% 

W% 

13% 

ii% 

22*, 

11 

TO, 

331, 


9%- *# 
77# 

34% 4 % 
33 + % 
13%+ % 

n% 

18% 

22%+ *a 
11% 

10 

34% - % 


FtFMps 

201270 

FtFIBJc .72 

10 

IX 

FtHaws JO 

12 

X 

FIIICps .44 

17 

23 

FJarN 1.X 

11 

X 

FtKyNs J4 

10 

79 

FMdBs 1 

12 

304 

FlMtiSa 

17 

54 

FNCinnlje 

12 

208 

FNHBs JO 

13 

22 

FtSFIa .X 

3! 

0 

FSacC 1.10 

X 

123 

FlSvBk 


420 

FTenns 1.18 

a 

114 

FslUC X 

10 

825 

FlWFn J8 

5 

33 

Rrcural.lO 

12 

7 


IX 117, 


S' 

30% 

28*i 

15 

51% 


1*% " % 
23% + l- 
30% 

28*- 

15% 

51% - % 


X 

19% 

41% 

33% 

39% 

26 

TO, 

2S% 


FlaFdl 
FlaNFs .44 
Fbnar 
FLioAs .X 
FUoBs .01 
ForAm .X 
FormF.15® 
Forums 06 
FramSv 
Frmnnt .SO 
Freiter 
FulrMB .42 
FultFS 


9 
30 
IX 18 
1022S3 21% 

1X461 8*, 

371015 TO, 
X 397 14% 
181182 333, 
a X 22*, 

12 2088 5% 

47 15 
10 200' 167 
a 77 Hi 
873 35*, 
17 8*, 


W% 

TO, - 1# 
42 + % 
33*, 

39% - % 
26 

14%+ % 
_ 29*,+ % 

25*, 25% - % 
87, B>, 

X 
18 
21% 

57*- % 
137,+ % 

5 

iS-% 

15 + % 
15% - % 
5%- *, 
35% + % 
6», 


X 

TO, 

21 

5»* 

TO, 

14% 

33% 

22*, 

5% 

14*4 

15% 

5% 

343, 

0% 


owe 1J2 13 


Galasg 
Galileo 
GalgAs .X 
Galoot* 
Cantos 
GantA 
GaiwBs 

Galwyo 

Genetca 

Genefln 

Ganicm 

Genmar.lSe 

Genzytn 

GaGuH 

GtbsnG £5 

Glam las 

Godlrya 32 

GldnVls 

Gotaas 24 

GouidP .76 

GrpnSc 

GCtryB 

GM_fcFd so 

Grdwtr 
Gtoch 
GuarFn AO 


HBO JDe 

Hudson 

HamOII 
HanvtnsX 
Harleys 32 j 
H artnr 
HaroGs 
HrUNUIJO 
HrtiJSs 1 
Harvln 

mttico 

HltathR 
HchgAs .16 
HchflBa j* 
Heeiun 
HelenT 
Hanley JOI 
HnNiS .10a 
Hibem 1.045 
HighlSu 


G G 

X 20*, 20% 


«% 

10% 


27*, 


500715-10 7% 
27 32u42 42 

15 -*88 19% 

18 2X 11 
X 17 20% 

17 4 16 

13 IX 273, 

644 12% 
5X3161 53% 

782 38% 
141220 12% 

15 90 11% 

372 329 15 
15 841 37*4 
11 2737 16% 

298 7 


17 51 25*4 2S% 


32 590 22% 
12 1511 27% 
X 113 18*4 
2225 B?a 
31 X 
4 116 24% 
404 37 
24 IX TO, 
10 282 20% 


20% - % 
7*1 

42 +% 
19%+ % 
107,+ % 
20 % 20 % - % 
171; 18 +1 

“ 27*4-% 

12%+ % 
53 +1 
X + % 
12 - % 
1T% - % 
147#+ % 
37*, 

16 + *# 
7 

25 % + % 
21%+ % 
27% 

TO, + % 
8%- % 
19% - 

24 % + *, 
37 
TO, 


52 

37 

12 

11% 

14% 

38% 

TO. 

8 s , 


21% 

27*, 

10% 

»% 

10% 

34% 

X 

1B% 


Stock 


KLA 

KV Pfts 
Kdmon 52 
Karchr 
Kaydon 05e 
KlySvA 70 
Kompl .X 
KyCilLS 
Kinders X 
Kruger .,0 
Kubko 

LA Gear 
LSI LB 
LTX 
LaPelea 


Ska 

IHndtl 


Hrgk Low tol Ouig 


K E 

42 IX XU 23 
100209 19% 

15 320 2S>a 
544 22% 

X H 27% 

22 296 54% 

81 IX 31% 

9 4 18*; 

16 802 16% 

19 280 21% 

1S2 12% 

L L 

572 10% 9*# 

1921633 15% 

37! TO, 

M 523 t7-% 


13% 

28% 

21% 

27*4 

M 

XU 

16 

16% 

30% 

12% 


LaZ Byl 60 15 25 79% 
LadFra.i2a IB 215 X% 


laidiw 20 
LdlTBs .14 
LamRs 
Lencsts .64 
Lance 1.16 
LmCnd.lOe 
LawrSv 


27 48 24 


15 

15% 

s* 

B 


33% 

19 - % 
X*. 

22 + % 
37% - % 
53 -1% 
30*.- % 
16 

16% - % 
21 

12%+ % 
9%- ** 

15%+ % 
15% -!% 
»7%- % 
79% +! 
22*, + % 
34 + % 


Ml 1787 37% 21% 22*; + 1% 


2164 9% 

43 24 31% 

18 IX 40*. 
26 44 39 

21 15% 


Laws ns J73 20 64; 36*4 


LeeDia 
LteTet* 
UnBros 
LnFtma 
Linear! 
Uposm 
LlrOa .35 
LonaStr 
LongF 160 
Lotus* 
Lowell .I5e 
Loyola 
Lyphe 


164404 6 

44 293 15% 

15 945 X% 
171508 13 
X X 14 
204 7% 

382315 63% 
2903723ii1$% 14% 
15 150 63% 03% 


2 r- 

40 

X 

*a 

3 v^ 

TO; 

61% 


0%+ % 
21%+ % 
X - % 
381;- % 
*5 + % 
28% “ % 
6 

15 - % 

13% 

TO. 

? “ % 
62 %- % 
1*7,+ % 

63% * % 


32 10102 uX X% 35% +2% 


1211 15 14% 

64 14% 14% 

X 621 2S% 27% 

M M 


14?,- % 
14%+ % 
27% - % 


UBS 



1 

11% 

11% 

11%+ % 

MCI 


27 18281 

6?, 

to 

8*4+ % 

MNC 

130 

8 

208 

42’, 

42 

42 - l. 

MNX9 


17 

412 

15% 

14*4 

15% +1 

MSCar 


18 

77 

271; 

26*4 

27%+ % 

MTS, 

J4 


152 

21% 

21 

21%+ % 

MTECH 


30 

S3 

23*. 


23*. 


27*4 273,- % 


H H 

1278 12% «*, 

24 728 8% - 

54 657 19% 

10 1204 32*4 

s in to, 

X 101, 

15 X 14% 

9 238 29% 

111048 X 
18 669 uX 
8 318 23% 

646 13 
X 572 23% 

X 32 23% 

12 21 28% 2S% 

0 075 8% 7% 


8 

10% 

31% 

16% 

15% 

14% 

28*. 

29% 

X% 

22% 

127# 

23 

23 


12% 

8%+ % 
19 + % 

32 - % 
18% - % 
16% 

14% - % 
29*. - % 
2S% 

33 *2 
23%+ % 
12*# - % 
X - % 

23 - % 
26%+ % 
B% 


30% 

45% +1 

5% - 

15 + ># 
23 - % 

29 -1 
26%+ % 
to - % 
«*;+ % 
31 - % 
13 - *. 
TO,+ % 


to- % 
263, 

Eaplna 

19 

» 

16% 

26% +1% 




P F 

Ito - % 

FFBGp JSe 

12 

60 

15% 

10% 

FHP 

13 

9 

13% 

ito - % 

FtenkU 

10 

83 

14% 

21% “ % 

FarcSts 

113418 

13% 

14%- 1, 

FimHmJTe 

8 

US 

34% 

24% +1% 

FarmF 

18 

223 

13% 

M% 

FarGpsljo 

13 1959 

42 

38% -1% 

Fldlor 1.52 

9 

549 

38*, 

41% - % 

Faflcrpl 


10 

321, 

13% “ % 

FtdFTn.lSe 


45 

in. 

15% - % 

RlthThl.44 

12 

99 

54% 

30%+ % 

FigglaB J0 

12 

X 

78 

W%+ % 

FiggleA JS 


31 

60% 

10*4 

FtnN+e 

S3 

300 

10% 

29*4+ % 

FI noma 


284 

7 

2to“ «# 

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133 

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12 73 ZT 283, 28%+ % 

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26 2»97ii30 28% 29?, +1% 

33 674 21% 21% 211, 

32 130 24% 24% 24*,+ i, 

32 355 SS 24% 247, + % 

13 1«U34% X 33% +1% 

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27 1116 441, <3U 44*4+1 

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N N 

782 77 Mi, 26*, - % 

W6 109 573# 573# ST% + % 

10 910 341, 33% 34 - % 

15 418 13 12?* 127#- % 

19*128822% 22% 221;+ % 

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ll 26';- 
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21 124 1J 12% 13 

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Continued on Page 43 


'# 
h 

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12% 

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13 

as 1 , + % 

56 
25 


W?L 

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■ *r^ *?\ * * + ' ** 


48 


Financial Times Monday May H 1987 


CURRENCIES, MONEY & CAPITAL MARKETS 


FOREIGN EXCHANGES 


EMS beckons sterling as election fever grows 


By Colin Millhain 


STERLING'S STRENGTH last 
week increased speculation about 
the pound's entry later this year 
into the European Uonetary 
System. 

This in turn led to suggestions 
that the level of interest rates iq 
London remains too high, even 
after Friday's cut of *6 per cent to 
9 per cent in bank base rates. 

Sterling will not join the EMS 
before a general election, but 
since it is now assumed this will 
be next month, the question of 
EMS membership is likely to 
become the subject of increasing 
discussion in tbe City. 

On Friday, alter the good results 
for the Conservatives in the local 
council elections, the Bank of 
England intervened to sell ster- 
ling to prevent it breaking through 
DM3.00. It had already moved 
above FFr 10.00. 


Clearly a level of DM 3.00 would 
be considered too high for the 
pound to loin tbe EMS by both the 
government and the Confedera- 
tion of British Industry. 

This assumes a June election 
and the return of a government 
led by Mrs Margaret Thatcher. If 
there is an election, but no Tory 
government, sterling may fall to 
an appropriate level to join the 
EMS without difficulty, but the 
political climate is bardly likely 
to be favourable. 

News of Friday’s rate cut pro- 
duced an immediate fall of Ui cent 
to $L68 in the value of the pound, 
after it had touched a peak of 
around $16850 in early trading. 

This was shortlived however, 
and sterling was soon back at 
SLG825, before weakening with 
other currencies against au 
improving dollar. It would have 


certainly moved higher on Friday 
morning, in reaction to the favour- 
able news for the Conservative's 
from tbe local council elections, 
but met firm resistance from the 
Bank of England. 

Tbe Bank's intervention ou the 
foreign exchanges was mainly 
aimed at keeping the pound below 
DM3.00, but intervention and the 
cut in bank base rates, failed to 
stop tbe demand for sterling. 

This led to questions about au 
appropriate level for the pound to 
join the EMS, and how far interest 
rates will have to fall to achieve 
this goaL 

Mellon Bank suggested some- 
where between DM2.50 and 
DH2B0 as politically and econo- 
mically acceptable!. 

If there is to be an early election 
the Bank: of England could find 
the next month a difficult time for 


management of the money market 
and control of sterling’s value. 

Tbe pound continued to hover 
just below DM3.00 as the week 
ended, in spite of lower UK 
Interest rates and persistent 
intervention by the Bank of Eng- 
land. Interbank interest rata 
maintained a downward yield 
curve, with three-month inter- 
bank offered at 8% per cent at 
Friday's close, in line with the 
Bank of England's market 
intervention rate and slightly 
below the level of base rates. 


According to stockbroker James 
Capel the situation is now so 
favourable there is likely to be a 
cut of another l per cent to 8 per 
cent' In base rates by early June 
Capel expects UK unemployment 
to be below 3m ahead of the elec- 
tion, and Friday’s retail prices 
index to show inflation below 4 
per cent 


On tbe other hand, in tbe run up 
to an election sterling may be 
volatile, influenced by tbe stan- 
ding of the government in a con- 


stant stream of public opinion 
polls. 

Support for tbe Tories may lead 
to a strong test of the DM3.00 
level, but another cut in UK bank 
base rates could leave the central 
bank open to criticism if the 
political . climate changes. Tbe 
authorities will not wish to 'be 
accused of political bias. 

In these circumstances it seems 
likely the Bank of England may 
resist any farther attempts to cut 
base rates, at least until tbe elec- 
tion, is out of the way. 


LIPFE LONS SILT FUTURES OPTI ONS 


£ IN NEW YORK 


EMS EUROPEAN CURRENCY UNIT RATES 


Strike 

Cafe— Last 

Puts— Lett 

Strike 

Prta 

Jnrtf 

Seri 

Jon* 

Seta 

Price 

120 

732 

8.41 

030 

051 

84 

122 

563 

735 

031 

U5 

86 

124 

432 

542 

004 

152 

88 

126 

2.1A 

*2 0 

.018 

2J0 

90 

128 

060 

3J8 

062 

328 

92 

130 

020 

228 

377 

438 

94 

132 

037 

LAS 

439 

558 

96 

134 

002 

U4 

634 

724 

98 

Eabuud wtame total. Crib KJUB Pels 

1.785 

nunaua 


uffe ns trcasohy seen futures sttusb 
Cilh Lag P et* Last 
Jooc Sex June Sot 

B44 8-01 000 0.0 

614 639 0JXJ LOT 

445 SJ» OOl IAS 

222 154 006 232 

UK 254 052 332 

022 2JB 208 4.45 

OM 127 155 AOS 

am 062 5-51 7.40 

M tool. Cults 81 Puts 25 


urra FT-scua moex futures am bus 
SM e cats on Puts-Last 

Price May June May Jure 

19250 2126 21-56 04)1 • 033 

19500 18.77 19-26 002 051 

19750 1630 17 A3 0* QJB 

20000 1338 1439 013 134 

20250 1X33 1237 028 Uffi 

20500 930 1098 053 223 

20750 725 930 LOO 3-QS 

21000 543 7.74 168 3.99 

Estimated votame tatri, Calls 27 Puts 11 
Pmtas day's open fee Cafe 255 Pets 233 


May 8 

Latest 

Prmous 

Close 

CSuot 

15740-1.6750 

15780-15790 

1 mootB 

031-030 pm 

D 52-030 m 

3 months 

059-057 nm 

0.73-0.70 pa 

12 momlis 

U8-1J0 pm 

153-123 pm 


Forward premiums and obcounts apply to tbe 
U5. dollar. 


STERLING INDEX 



Ecu 

central 

rates 

Currency 
amounts 
against Ecu 
May 8 

% change 
from 
central 
rate 

9fa change 
adjusted for 
divergence 

Divergence 
Ifantt % 


42.4582 

433970 

+150 

+0.77 

+ 15344 

Danish Krone _ 

7552W 

730623 

-058 

-151 

±15404 

German D-Mark 

235853 

237662 

+038 

+0.15 

±13981 

French Franc 

6.90403 

6.94243 

+056 

—057 

±15674 

Dutch Guilder . .. . 

251943 

254181 

+096 

+0-23 

±15012 

IriOttiunt 

0.768411 

0776620 

+137 

+054 

± 15684 

Italian Lira 

148358 

150533 

+150 

+158 

±43732 


uffe as optsohs 

£29300 (Mb per O) 


LOUDON SECS 

02300 (mb P 


OPTIONS 

•rD) 


Strike 


Calk— Last 


Strike 


Calls— Last 


Price 

M W 

J«ne 

July 

Seta. 

Mar 

June 

Jukr 

Set*. 

Price 

May 

Jon 

July 

Seta. 

May 

Jmm 

•Wr 

Seta. 

3-45 

27.30 

2250 


2230 

030 

030 


037 

140 

17.90 

1730 


1720 

0J0 

045 


135 

150 

1730 

1750 

1730 

1730 

030 

030 

039 

035 

145 

12.90 

12-90 



1270 

060 

030 

_ 

150 

155 

1250 

1230 

1250 

1230 

030 

033 

048 

074 

150 

1140 

15.40 

15.40 

15-40 

020 

025 

025 

050 

150 

750 

730 

738 

8-29 

030 

029 

075 

179 

155 

13-20 

13-20 

1320 

13-20 

020 

020 

035 

086 

IAS 

231 

341 

437 

SJ3 

018 

L43 

224 

353 

150 

8-20 

820 

8.45 

8.90 

020 

0.40 

095 

130 

JJO 

012 

U1 

178 

288 

239 

433 

4.95 

636 

165 

330 

3.95 

455 

550 

040 

135 

215 

3.45 

L75 

030 

024 

062 

LAS 

7J7 

856 

on 

9.95 

LTD 

055 

145 

2J5 

325 

£55 

3.75 

445 

635 



May 8 

Previous 

830 

am 

73 JB 

73j4 

930 

am 

73.7 

73.4 

10.00 

am 

73 7 

733 

1130 

am 

733 

733 

Noon 


733 

735 

1.00 


738 

73.6 

230 


735 

735 

3 30 

pm 

73.6 

73.6 

4.00 

sm 

73.6 

73.6 


Changes ate for Ecu, therefore positive change denotes a weak currency. 
Adjustment calculated by Financial Times. 


Estimated rdame tetri. Crib 6 Puts 10 
Pterions dor's open he, Crib VS84 Puts 1,736 


FreiAuH dry's 

vehne: 26 


qw tat Crib J04 PUB J.433 


EXCHANGE CROSS RATES 


CURRENCY RATES 


May8 

Bat* 

nu> 

Special 

Draurtnq 

Rigtas 

European 

Conner 

UiK 

Surfing 


0.7787(3 

0592743 

U 5. Dollar 

95 

13079 

1J641S 

Canadians 

7.90 

• 

155554 

Austrian Sch. _ 

4 

16.4001 

145956 

Belgian Franc . 

8 

48.4196 

438970 

Danish Krone _ 

7 

0-7625 

780623 

Deutsche Mark 

3.0 

N/A 

287662 

NetA. Guilder _ 

41, 

263155 

254181 

French Franc. . 

91? 

N/A 

694243 

lafian Lira 

115 

169282 

150583 

Janaimt Yen . 

7'? 

181.67 

IM 574 

Norway Krone . 

6 

871475 

7.74570 

Spanish Peseta. 

— 

161771 

145.927 

S wedish Krona 

7^7 

8-145 U 

725675 

Swiss Franc. „ 

35 

N/A 

1.70642 

Greek Drach. _ 

20h 

173536 

154581 

Irish Puta -- 


087253 

0776620 


May 8 1 

£ | 

S 

DM 1 

YEN 1 

F Fr. 1 

S Fr. 

H FL 

Ura | 

CS 1 

B Fr. 

£ | 

L 

1575 

2.995 | 

2348 | 

1081 | 

2463 

3575 

2163. 

2239 ! 

6225 

S 

0597 

1 

1789 

139.7 

5.973 

1470 

2015 

1291. 

1536 ! 

3725 

DM 

0334 

0559 

1 

7613 

3541 

0822 

1227 

7228 

0247 

20.78 

YEN 

4274 

7058 

1280 

1000. 

4276 

1052 

14.42 

9241 

9566 < 

2668 

F Fr. 

1800 

1574 

2994 

233.9 

10. 

2461 

3573 

2161 

2237 

6222 

S Fr. 

0406 

0680 

1216 

9583 

4863 

1 

1571 

8782 

0.909 

2528 

H FL 

0296 

0.496 

0887 

6953 

2964 

0730 

1 

6407 

0563 

1844 

Lira 

0.462 

0.775 

1585 

1082 

4527 

1139 

1561 

1000. 

1835 

2879 

C S 

0.447 

0.748 

1538 

1045 

4.470 

1200 

1508 

9668 

1 

2781 

B Fr. 

1506 

2591 

4811 

375.9 

1687 

3.9S6 

5.422 

3474._ 

3596 

100. 


PHILADELPHIA SC £9 OPTIONS 
02300 (cents peril) 


UFFE— EUROMUJUI DP7MMS 
prints pi 100% 


Strike 


Crib-Last 



Pses— Last 


Strike 


Cafe-Last 



Pets— last 


Price 

May 

June 

Tjfc 

Seta- 

May 

Jmm 

Job 

Seta. 

Price 

June 

Seta. 

Dk. 

Mar. 

June 

Sem. 

Dec. 

Mar. 

1600 

720 

720 

880 

085 

025 

070 

160 

9200 

054 

046 

051 

— 

OOl 

027 

055 


1625 

450 

420 

520 

630 

- — 

055 

150 

250 

9225 

041 

052 

059 

_ 

083 

058 

058 

_ 

1550 

230 

385 

3.70 

4.70 

020 

125 

220 

350 

9250 

022 

021 

029 

— 

009 

052 

083 



1575 

085 

185 

240 

280 

0.95 

225 

380 



9275 

on 

013 

020 

_ 

021 

059 

099 

— 

1700 

020 

100 

165 

190 

270 

355 

450 

580 

9380 

003 

007 

024 


040 

088 

128 

__ 

1725 

085 

055 

180 

155 

520 

580 

650 

750 

9325 

081 

004 

089 



053 

120 

158 

— 

1750 

— 

as 

0.70 

0.95 

750 

880 

850 

980 

9350 

080 

002 

086 

— 

087 

133 

150 

— 


Previous day's open lot: Cafe 71*619 Pus 64.522 
Prerions day's mane. CaSs 4J.97 Pols 4309 


Prrriem day's open fa* Calls 1194, Pats 890 
Pots US 


Estimated votane, Gris 30, Pots! 


LONDON 




20-YEA2 12% NOTIONAL GILT 
£50,000 32Mb of 100% 


NS. TREASURY MHOS (CRT) 1% 
SJ00300 3tah pf 100% 


JAPANESE YER (IBM) 
Y125aa 9 per Y100 


Yen per UXXh French Fr p 

EURO-CURRENCY 


er 10: Urn per 

INTEREST 


LOOT: Belgian 

RATES 


Fr per 100. 


-CVSDR rate for May 7: 1.75229 


CURRENCY MOVEMENTS 


May 8 

Bank of 
England 
Index 

Moigan 
Guaranty 
Change* % 

Sterling 

735 

-19.8 

U5. Dollar 

1002 

-68 

Canadian Dollar 

778 

-114 

Austrian Schilling 

1385 

+102 

Belgian Franc 

1002 

-45 

Danish Krone — 

935 

+35 

Deutsche Marie 

1478 

+21.7 

Swiss Franc - - - 

174.8 

+238 

Guilder 

1352 

+142 

French FrtaC 

715 

-12.9 

Ura 

475 

-18.1 

Yen 

2268 

+692 


MayB 

Shot 

term 

7 Days’ 
notice 

One 

Montit 

Three 

Months 

Sm 

Months 

One 

Year 

Sterling 

9VP. 

9VP* 

9A-9i 

BV8% 

8VW, 

8W 

U-S- DoHar 

6U-6U 

6^ 


7tr7% 

7A-7i 

7vn 

Can. Dollar 

6*6*. 

b\-7 

7,wa 

7i«-8 

BhrBh 

BW 

D. Guilder 

5A-5A 

5 ,1-5 A 

5,i -5a 

5 a -5a 

SA-SA 

5,1-54 

Sw. Franc 

ivzi. 

1V2>« 

3V3>, 

3%-3% 

3^-37. 

3V4 

Deutschmark 

3VMt 

3V34 

3V3J. 

3H-31. 

3U-3IJ 

3I2-3B 

Fr. Franc 

&4Pa 


Btr«, 

8,1-8 A 

sa-a.i 

aa-sn 

Italian Lire 

9-U 

10-1112 

9V10>2 

96-10i 2 

■JVlOlj 

VPrKPz 

B. Fr. (FmJ 

6V7 

7-7U 

7V7i. 

7,1-7 A 

7V71j 

7,W4 

B. Fr. (Con J _ 

6V71, 

&V71. 

7-7% 

7-r\ 

7V7»2 

7a-7{i 

Yen 

3Y4 

3H-3^ 

3U-3^ 

3*3 H 

3V3)i 

3H-» 

0. Krone 

u»e-lP)i 

lOVlO^t 

lOta-KPa 

lOVKPt 

VPrVP, 

iovioa 

Aslan SStiig 

3tr-4 

N/A 

4-4% 

4 VW. 

41r4V 

4V4«2 


Hose High Low Pntv. 
June 127-31 12825 177-29 127-09 

Sept 127-27 128-15 127-27 127-06 

Dec 127-16 — — 127-06 

Estimated rotorae 36,807 (308331 
Previous day's opea ML 24562 (23 J3U 


10% NOnOHAL SHORT GILT 
emooo 64tta M 100% 


Ctase High 

Estimated Volume 0 (of" 
Prerioei day's open fan. D (01 


low Pm. 



Close 

High 

Lew 

. Free. 

Jane 

9287 

9226 

9128 

9280 

Sept- 

9106 

9123 

9018 

9101 

Dec. 

9011 

9027 

8924 

9003 

Mar. 

8925 

8928 

8829 

8987 

June 

8822 

8980 

8822 

8824 

Seta 

8751 

8889 

8720 

8723 

Dec. 

8789 

8729 

8630 

8781 

Mar. 

8621 

— 

— 

.8623 

Jwe 

. _ 





Sept- 

8529 

—1 

_ 

8521 

Dec. 

8584 

— 

— 

8428 


Close High Low Pm. 
Jane 0.7186 07202 07167 07194 

Sept. 07251 07263 07232 07299 

Dec 07322 07324 07308 07330 

Mar. 07412 — — 07420 

Jane 07492 — — 03500 


DEUTSCHE MARX (IMM) 
DKX23JM0 S per DM 


THREE-MONTH STERLING 
5504000 points of 100% 


Long-term Eurodollars: Two years 8tr8*z per erm; three yean 8>2-81i per cent; fdw yean B4i-9 
per cent; H«e yean 8V**« per cent nominal. Short-term rates are call for US Dollars and Japanese 
Yen; other* two days' notice. 




High 

Lew 

Pm. 

June 

9143 

9150 

9142 

9153 

SepL 

9173 

9180 

9159 

9158 

Dec 

9160 

9159 

9154 

9152 

Mar. 

9140 

9147 

9136 

9155 

June 

9126 

9153 

9129 

9121 

Seta 

9123 

9120 

9120 

9105 


OS. TREASURY PILLS (IMM) 
Star prints of 100% 


Ckae High Low Pm. 
Jo* 05610 03629 03586 05632 

Sept 05660 05679 05635 05683 

Dec 05715 03720 05702 05738 

Mar. 03766 — — 03789 


Jaw 

£■ 


Estimated Volume 7,605 <5,4371 
Prcvtota day's open fad. 26552 (27,069) 


Sept 

Dec 


9<j07 

9347 

9324 

93.08 

92.94 

92.79 

9265 

9231 


Mgh -Low 
9440 93.95 

9330 9336 

9326 9334 

9330 93JB 
92.95 9290 

9279 — 

9265 — 

9231 — 


Pres. 

9397 

9337 

9315 

9299 

92BS 

92.70 

9236 

92.42 


TWKE-MOinil EURODOLLAR (UHQ 
■f 100% 


POUND SPOT — FORWARD AGAINST THE POUND 


FT-SE 180 INDEX 
£23 per full Index petal 



Ctae 

High 

lew 

Pier. - 

June 

9254 

9255 

9255 

9257 

Seta 

9221 

9224 

92809 

9»« 

Dec. 

9196 

9281 

9188 

9189 

Mar. 

9181 

9184 

9132 

9172 

Jnae 

056 

9159 

9156 

9157 


9151 

9154 

9140 

9142 

Dec. 

9155 

9158 

9123 

9126 

Mar. 

9120 

9123 

9189 

9151 


Morgan Guaranty changes: average 1-»B0- 
1982-100. Bank of England indu (Base average 
1975*100). 


OTHER CURRENCIES 


MayB 

£ 

S 

Aigcntlna — 
Australia 

25205-25325 

25470-25500 

47827548.1245 

72665-72B35 

22105-224.95 

13.0370-138570 

11825* 

1390.25-140280 

0.45525-0.45535 

6220-6230 

4.119(MJ3a 

15660-15720 

14040-14050 

285880-28.7310 

43540-45560 

131.45-13385 

78030-78050 

6950* 

82860835.40 

027100027125 

3740-37.20 

24670-24690 


Greece — _ 
Hong Kong „ 

■ran 

Korea (Sth) . 

Kuwait 

Luxembourg 
Malaysia — 

N. Zealand » 
SauOi Ar. — 
Singapore „ 
S. Af.(Cm) _ 
S. Af. (Fn) 

Taiwan 

UAE. 

29125-29200 

62650-62710 

35455-35545 

35505-35680 

52830-55490 

54.75-55.00 

65365-6.1420 

1.7420-1.7450 
3.7495-3.7505 
24215-24235 
2 0080-28120 
3.1010-32000 
3255-3265 
38725-38735 


MayB 

Day's 

spread 

Close 

One mMh 

% 

pe. 

Thnw 

months 

% 

M- 

US 

18680-18750 

18745-16755 

0314128c pm 

* 241 

0704)85 pn 

161 


2228422478 

2238D-22390 

GJ4&24cpm 

155 

05247.40 pm 

on? 

Netherlands . 

357-3581j 

357-358 

lVlc pn 

480 

32\ pm 

3.41 

Bcfghn — 

6204-6230 

62206230 

134k pm 

125 

29-21 pm 

181 

Denmark 

U24tfX129ij 

1136-11117 

Vl*t ore db 

-L26 

n-v* db 

-142 

Ireland 

nuw.i,iCT 

11200-14210 

089-O20 p dls 

-155 

02341.49 tas 

-129 

W. Germany . 

299-3.00 

299-380 

lVJjpf pm 

326 

lV*a pm 

134 

Portugal—. 

330J07-2325S 

23040-23140 

73.153c dls 

—587 

327-418 els 

— 6.4S 

Spain 

209.77-21185 

21075-21105 

142-169C dis 

-885 

386-589 db 

-92S 

Italy 

2i55Jr2ian. 

ZJM-2163 

1-4 lire dis 

-159 

4-9 db 

-120 

Norway 

1114V 1121 ** 

11166-1117% 

4V5>z ore dis 

550 

J6-MW, <S* 

-586 

France 

9.99V1083J 4 

1080-1081 

llgJj c pm 

0.97 

1V>2 pm 

0.40 

Sweden — 

10.44V1049>2 

1045-10.46 

P»V ore db 

-043 

lVZ^db 

-069 

Japan 

233V234Ij 

233^234^ 

i»ri y pm 

5.45 

sv^p" 

543 

Austria——. 

2100-2108 

21052188 

Wg-SV gro nm 

4.98 

2421ia pm 

452 

Swfaeriaad. 

245A.-2461, 

245V24I* 

Wh c P" 

689 

3V3 pm 

588 


Close High Low Pm. 
Jane 21275 214JJ0 211.50 20830 

Sept. 21625 21635 214.90 

Estimated voteott 1805 OJ2B7) 

Preeiaas day's <ven ho. 4,446 (4^62) 


SWISS FRANC (IMM) 
SFr 1Z3MN S per SFr 


STAMNAND A POORS SON INOCX 
3500 tiara* index 


THREE- MONTH EURODOLLAR 
$lm prints of 100% 


Close Mgh Low Pm. 
June 03820 06852 03797 03860 

Sep. 03875 03906 03854 06916 

Dec. OM38 06969 06920 03982 

Mar. 06999 — 06999 07040 


Sqd. 

Owl 

Mv. 


Close Httfi Low Pm. 
29435 29630 29230 294.40 
296.95 298.90 29425 29665 
29925 30130 29630 29085 
301.15 30330 29030 30035 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD QNUT 



GOVERNMENT OF BARBADOS 


£27,000,000 
Revolving Loan Facility 

Arranged by 

BARCLAYS BANK PLC 


Managed by 

BARCLAYS BANK PLC 
LONDON FORFAITING CO MPAN Y LIMITED. 
SAE. BANK LIMITED 


Co-Mnnogedby 

ALGEMENE BANK NEDERLAND NX 0X0^NCOTICE> 
BANKAMERICA capital markets group 
BANQUE NATIONALE DE PARIS p.Lc. 

THE NKRO (LUXEMBOURG) SA. 


Provided by 


NATWEST INVESTMENT BANK LIMITED 


THE NIKKO (LUXEMBOURG) SA 
SAMUEL MONTAGU ft 03 LIMITED 


Agents 

BARCLAYS BANK PLC 

Map 1987 


BARCLAYS 


^n-v lines! I WZ/5 SPDRTS RESULTS 



Close 

High 

lew 

Pie*. 

9283 

9284 

9255 

9250 

9219 

9222 

9220 

9886 

9196 

9L99 

9188 

9184 

9180 

9183 

9123 

9168 

9184 

9156 

9156 

9152 

9148 



— 

9156 

9152 

_ 

— 

9120 

9146 

— 

— 

9102 


Jwe 

gw. 

Dec 
Mark 
Jane . 

*?■ 

Dec 

Mir. 

Estimated nfara 6,853 (5,731) 

Pmtas day's open fm. 29,628 (29,882) 


Belgta rate Is for convertible francs. Financial franc 6280-62.70. StiMnortJi forward dollar LOO- 
095 c pro. 12-montii 123-123 c pm. 


ILS. TREASURY BOROS 8% 
SU0300 32ads of 100% 


DOLLAR SPOT— FORWARD AGAINST THE DOLLAR 


FORWARD RATES 
AGAINST STERLING 



Spot 

1 

mh 

3 

rorift 

6 

nths 

12 

nm 

US Dull* 
D-mark 
French Fr. 
SwtSS Fr. 
Yen 

187M 
10 DOM 
Z34.M 

18721 
2 4817 
100003 
20505 
232.951 


18653 
2.9311 
10.0039 
7 00531 
228.00 

18632 

28655 

10.0002 

25562 

22358 


May 8 

Day's 

spread 

Close 

One month 

% 

P* 

Thrte 

months 

% 

P8. 

CURRENCY FUTURES 












Irdandf 

1.0898-15035 

14945-10955 

055050c pm 

449 

190-160 pm 

486 

* 

i 


Canada 

15330-13375 

15365-15375 

085088c tfc 

-058 

027-050 dh 

-085 

Spot 1-ntth. 3+mh. 

IT" 1 ! 


Netherlands . 

Betqkwi 

20020-2.0240 

3687-3721 

28145-28155 

3740-3720 

050887c pm 
lom-1 c d/e 

170 

097-092m 
lpm-1 db 

188 

18750 18721 18683 

Emml 

1221 

Denmark — 

667V6.7?* 

6.72*4-6.721, 

150-280ore db 

-344 

4.00-4.90 db 

-2.78 

IMM— STERLING Ss per £ 



W. Germany . 

17730-17960 

15880-17890 

0500.07pf pm 

3-26 

154-L49pm 

3.40 

Close HI* 
Jim 18740 18780 



Portugal 

1371a-139(t 

138V 139 

80-120- db 

-8.71 

260-310 ris 

■027 

18725 

18820 

Spain 

120.70-12650 

126^0-12630 

75-150c db 

-10-77 

250-350 dis 

-957 

Seta 16705 18750 

18670 

18785 

ftriy 

1278-1297)2 

12906-1291*1* 

350-450lire db 

-3.71 

980-1100 db 

-389 

Dee. 18670 18720 

18690 

18750 

Norway 

France 

683-68712 

5-90^-5-981, 

62162b 

138.95-139.90 

68614-687*4 

5.97-5.97tj 

620454*3 

13980-139.70 

44Q-450oredb 
055-O7Dc t8s 
125-1.00ore db 
0.40057y pm 

-7.75 

-L13 

-253 

331 

12.2S-12.75db 
155-180 db 
3.40-3.70 db 
1.25-120 tan 

-751 

-181 

-Z3B 

351 

Mar. X8665 18725 

18650 

16705 

Japan 



Austria — — 

12.48-1281 

1256V1257 

380-280gro pot 

288 

980-880 pm 

271 

Jane 16698 16775 

18701 

18755 

Switzerland.. 

14565-1.4760 

1.4695- L070S 

0.488.44c pm 

3-77 

130-125 w* 

3.48 

Seta 16650 16728 

18728 

18705 


Ctae High Low Pm. 
June 92-07 92-20 91-18 90-22 

Sad. 91-11 9122 9L0Q 8926 

Estimated Votane 6,5% (6177) 

N Ml 4 


Pmtas day's opes tat. 4,686 (4,9431 


t UK and I iriwid are named In US cmrcncy. Fonwd premiums and dlscowits apply to Uw US donar aod not 
to the MdhridDri currency. Belgian rate is lor cnnertMe francs. Financial franc 3745-37.45. 


Estinried vokme 31 <361 
Pmtas day's open tat 251 (241) 


MONEY MARKETS 

Better tone after US auctions 


LAST WEEK'S programme of US 
Treasury auctions dominated 
sentiment surrounding the dollar, 
leading to a nervous recovery, by 
the currency. 

Reaction to Tuesday's three- 
year note auction was not good, 
and although Wednesday's 10-year 
note auction was not considered a 
disaster, it was also not a great 
success. 


UK clearing bank base 
lending rale 9 pm 1 cent 
since May 8 


The main question overhanging 
the auctions was the level of 
Japanese participation. Dealers 
suspected Japanese investors 
bought only about 15 per cent of 
tbe $9.75bn 10-year notes on offer, 


and feared they would buy only 
about 20 per cent of the $8 _25bn 30- 
year bonds auctioned Thursday. 

In tbe event Japanese securities 
bouses appeared to buy about 40 
per cent of the bonds offered, giv- 
ing a better tone to US credit 
markets and providing support for 
the dollar. 

Tbe dollar was also helped by 
much better than expected April 


US Unemployment figures. Fore- 
casts for unemployment were in 
the region of 6.5 per cent, with the 
non-farm payroll rising about 

250.000, but the April figure fell 
0J3 per cent to &3 per cent, and 
non-farm employment ro 

316.000. 

The better tone to tbe credit 
markets and the unemployment 
data lifted the dollar on Friday. 


FT LONDON INTERBANK FIXING 


MONEY RATES 


(4 LOO aj". May 81 3 months U3. dollars 

6 months U-S. dollars 

bid 71, | offer 7)r 

bhf 7,1 | Offer 7 A 


NEW YORK 

(4 pm) 


The firing rates are the arithmetic means, rounded to Die nearest one-sixteenth, of trie bid and 
offered rates for SlOm nootod by the market to five reference banks at 114)0 am. each working day. 
The banks are National Westminster Bank, Bank of Tokyo, Deutsche Bank, Bangui Nations le tie 
Paris and Morgan Guaranty Trust. 


Print nc 


Broker loan rate . 


Fed tab tt taURBrion 


8 

8 

6U 

&a 


One month , 
Two month . 


Three Dtirifa . 


Two year. 


Tronwy BlHs and Bonds 

— 530 Three jew — ~ 

5.40 Few year. . ..... 

5-69 Fite yew 

601 Seven yew 

676 Id year 

736 30 lev 


730 

7.96 

tin 

827 

042 

BJM 


BANK OF ENGLAND TREASURY BILL TENDER 






Mays 

Uni 

k t ™ r 

UOOm 
E498m 
£100 m 
£9757 
25-i 

H 



N 

; | 

: ; 



WEEKLY CHANGE IN WORLD INTEREST RATES 


MayS 

Overnight 

One 

Month 

Two 

Months 

Tim 

Months 

El 

Lombard 

Jnterrendon 




350-3.9S 

a,’4-«A 

3804.95 




ta 

8V6A 

3-3*, 

8*4-81, 


Zorich 


Amnerdam — — „ 


5V5*, 

354375 

— 

5*«-5J, 

3-78125 


— 







7V71* 

Uh-Uh 








li-na 

lo-ltp. 

— 


LONDON MONEY RATES 


mm 

MayS 

esangr 


May8 

change 



i-nlj 

a 

6H 

5.70 

617 

689 

Until'd 




IB 


812 

8.4081 

! ? » 

!? 

-02W7 

-}* 

-04)4 

-010 

-0.01 

Sand 3 Bills 

-Ji 

FRANKFURT 

58 



_ 



-0025 


841 

3.B4375 

-i 

3575 

7\ 

8*. 

V* 

-li 

Undi'd 

PARIS 

Interremion Rate 

One mth-lntere** — 

Undi'd 

*A 

Three mom# BIBS 

3.78125 

-04875 



BRUSSELS 

7,1 

8>1 

5.5 


MILAN 

•n 

10*, 

10*2 

UntiFd 

—1, 




AMSTERDAM 

Undi'd 

Until'd 

DUBLIN 

-If 

Three month — — 

3,* f 








Orem 

night 

7 days 
notke 

Month 

Three 

Months 


One 

V ear . 


104 

96-9J, 

9A-9 

8V8« 

SV85, 

Mi 

Local Authority Deposits. 


9*2 

98<a 

Util 



■ " - I '"Jr. 



9>4 

9 


& 


9V5 

0 

9 

8b 





Vi 

94 

8% 

86 

Bit 

1 z! l-*l -T ■> 1 . . J ’ . • i 



9*» 

8J£ 

8ft 

8ft 



» 

8% 

sip 



tank Ellis (Buy) 


— w 

Bll 

8)1 

8*g 


Fine Trade Bilb 1 Boy) 



9*j . 

83 

8% 





6.958.90 

74.0-7.05 

730-725 

755-750 



— 


6W% 

6V6 




— 

6W 

6V66 

6H-6H 

7V7 


Treasury Stiff csefl); ane-mwrtfi Sfj per ea 


whs 8fc per cent; Bank Silts del Kan*. 


ronth 8!J Per cent; three month] 8£ per cent; Treasury BIRs; Avenge tender rate of discount 
8.4981 u-c. ECGD fined Rate Sterling Expert Finance. Make up day April 30, 1987. Agreed rates 
for period May 26 to June 23, 1987, Scheme Is 1129 px« Schemes II & III: 1111 px. Reference 
rate for period April 1 to April 30, 1987, Scheme IV: 9343 px. Local Autorhy and Finance Houses 


London— band 1 hills mature in up u> 14 days, hand 2 bills 15to 33 days, band 3 Mil* 34 to 63 days 
and aarrd 4 tails 64 to 91 days. Rates mimed represent Bank of England buying or selling rates with 
the money market. In other centres rote* are generally deposit rate* In the domestic money market 
and their respective change* during the week. 


wvw days' notice, others sma days' fixed. Finance Houses Bose Rate 10 per cent from May L 
1987: Bank Deposit Rate* for sums at seven days' notice — per cent Certificate* of Tax Derail 


(Series 6); Deposit £100,000 end over held under one month 8 per cent; one-three months 8S Mr 
cent; three-si* months 3S| per cent; six-nine month* 8H per cent; nine -12 months 8% per cm; 
tinder £100.000 8 per cent from May 6, Deposits beta under Series 5 10>« per cam. Deposits 
withdrawn ior cash 5 per cent. 






CARD© ■ 


Over the next few weeks the Sweetish Annual Report 
Index will highQght key details from the latest annual 
reports of a series of leading Swedish corporations. 


Mooch Domsjd AB 

is a forest industry group with more than 7,000 employees, of 
whom more than 1,800 work abroad. The company is one of 
the largest producers of pulp and fine paper in Europe. 
Apart from these products the Group also produces tissue 
paper and hygiene products as well as sawn timber products. 
The operations are conducted through the following 
organisations! 


; .\ To fM oat more about the c*r- 
ponrtkms featured here send 
; bow for yow personal copy of 
.,•?{ their 1986 Amwal Report. 

r«J 

$ 

*1 ALFA-LAVAL CARDO 

Vi 


Pleaso circle below far yow 
free copies: 




CARNEGIE EUROC FFV 


FtfKT IGGE5UND MoDo 
V} NOBEL INDUSTRIES 


PERSTQRP PROCORDIA SCA 
SKF SANDV1K SXANSKA 


MoDoStogen (manages tbe Group's 635,000 hectares of 
productive forest lauds and is responsible for supplying 
wood to the company’s mills). 


MoDoCeD AB (production and sale of sulphate pulp, 
)U jp t mechanical pulp and chetm-thermo- 
I pulp). 


AB (production and sale of coated and 
‘paper). 


u 

i SWEDISH HATCH 

■ ;.j 

li Swedfah Ananal Report 
tv., PromoHon, Box 10020. 
r S-lOOSSStockbofe^Swedfm. 

. . J Attach yo«r basfawss card er 

i-vH Ptewe prfat, 

^ Marne 


'Ji 


Title 


MoDo Konsumen tp rod uk ter AB (production and sale of 
tissue paper, hygiene paper products). 

Other noils include Domsjd Sawmill (sawn timber 
products), MoDo Omvertmg Machinery (sales of 
machinery for production of diapers and hygiene products) 
and the Pbwer departmem. 

MoDo owns 39.y% of the shams in AB Iggesunds Bmk(a 
forest industry group which produces paperboard, pulp and 
sawn timber products). 

In 1986 die Group’s total sales amounted to SEK 7,397 
nuOibn.The consolidated profits before extraordinary items, 
ap pro pria tions and tax was SEK 343 mfllfon. 

MoDo 

S-89180 Onsfc&ldsrik 
Sweden 




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